Shiba Inu Fluctuates As It Holds Over $0.00001082

Apr 08, 2023 at 09:50 // Price
Coin Idol
Shiba Inu fluctuates

The price of Shiba Inu (SHIB) is bearish, although it is limited by the moving average lines.

Shiba Inu price long term forecast: bearish

Furthermore, the cryptocurrency's value range is limited to amounts between $0.00001150 and $00001000. At the time of writing, the altcoin is currently trading at $0.00001089. The SHIB price is currently trying to break the moving average line by trading below the 21-day line SMA. The altcoin will drop to the lower price range of $0.00001000 if it falls below the 21-day line SMA. On the other hand, Shiba Inu will resume its uptrend if the price either breaks the 50-day line SMA or the resistance at $0.00001150. The price will rise to a high of $0.00001574. The altcoin is now trading between the moving average lines. 

Shiba Inu indicator analysis

In the Relative Strength Index for the 14 period, SHIB is at the 48 level, indicating that the cryptocurrency is vulnerable to a decline. As the price bars are between the moving average lines, the cryptocurrency is moving in a range. The altcoin is now at a point where the market is oversold. This indicates that the selling pressure has reached its bearish limit. The market will move back up shortly. The daily stochastic is below the 20 level due to the market.

SHIBUSD(Daily Chart) - April 7.23.jpg

Technical indicators

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

Important support levels: $0.00001100, $0.00001000, $0.00000900 

What is the next move for Shiba Inu?

Shiba Inu is in a sideways trend and fluctuates between the moving average lines. For the cryptocurrency to develop a trend, the moving average lines need to be broken. The cryptocurrency value has been trapped since April 1.

SHIBUSD(4 Hour Chart) - April 7.23.jpg

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 CoinIdol. Readers should do their own research before investing in funds.

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