Shiba Inu Continues Sideways Trend Due To Traders’ Ambivalence

May 07, 2024 at 16:20 // Price
Coin Idol
Shiba Inu continues sideways trend

Cryptocurrency analysts of report, the price of Shiba Inu (SHIB) is trending sideways due to traders' ambivalence towards the market direction.

Shiba Inu price long term prediction: ranging

Price activity over the past two months has been dominated by doji candles, which represent traders. Currently, the bears have the upper hand as the cryptocurrency has fallen to lower price levels. The cryptocurrency moved in a range between $0.00002100 and $0.00003500. On May 1, SHIB fell to a low of $0.00002064 with the bulls buying the dips. SHIB rallied but failed to break above the high of $0.00002628. The altcoin resumed its uptrend but the bulls were unable to sustain the positive momentum above the moving average lines. The 50-day SMA or resistance at $0.00002600 pushed the cryptocurrency back. SHIB is currently trading between $0.00002100 and $0.00002600, making a move higher unlikely. SHIB is now worth $0.00002433.

Shiba Inu indicator analysis

After the recent price rise, the price of SHIB has been caught between the moving average lines. This means that the cryptocurrency will continue to move within a range. On the 4-hour chart, the moving average lines are sloping horizontally, indicating a sideways trend.

SHIBUSD_(Daily Chart) – May 7.24.jpg

Technical indicators

Key resistance levels: $0.00001200, $0.00001300, $0.00001400

Key support levels: $0.00000600, $0.00000550, $0.00000450

What is the next move for Shiba Inu?

SHIB/USD is still trading in a tight range above the $0.00002100 support. The cryptocurrency has fallen to a narrow range above the $0.00002100 support. The price of the altcoin is moving between $0.00002100 and $0.00002600. If the current range is broken, the cryptocurrency will trend.

SHIBUSD_(4-hour Chart) –May 7.24.jpg

On April 30, 2024 cryptocurrency analytics specialists of stated that the altcoin has recovered from its previous downturn. The uptrend ended after it reached a high of $0.00004552. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

Show comments(0 comments)