Shiba Inu Continues Bullish Momentum And Challenges High At $0.00000850

Cryptocurrency analysts of Coinidol.com report the price of Shiba Inu (SHIB) is rising as it breaks above the moving average lines, but it is stuck below the 50-day line SMA. In other words, the price of SHIB is moving between the moving average lines.

Shiba Inu price long term forecast: bearish

At the time of writing, the cryptocurrency is trading at $0.00000801. On the downside, the downtrend has come to an end and altcoin is now trading above its previous fluctuation zone. If buyers break the resistance at $0.00000900, the current positive trend will be maintained.

SHIB will continue to rise and reach a high at $0.00001200. However, if the bullish scenario is refuted, the altcoin will be trapped between the moving average lines. The conclusion is that the crypto asset will be forced to trade in a range for a few days. 

Shiba Inu indicator analysis

Shiba Inu has restored its bullish momentum and is approaching the bullish trend zone. The bullish momentum is currently encountering resistance at the high of $0.00000850. Once the initial resistance is overcome, the altcoin will resume its uptrend. Otherwise, the sideways movement will continue. 

Technical Indicators

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

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

What is the next step for Shiba Inu?

Shiba Inu has restored its bullish momentum and is approaching the bullish trend zone. The upside is currently encountering resistance at the $0.00000850 high. Once the initial resistance is overcome, the altcoin will resume its uptrend. Otherwise, the sideways movement will continue.

On Jun 17, 2023, Coinidol.com reported that: The price of the cryptocurrency has fallen below its previous low, which was reached on December 28, 2022. The bearish momentum continued to the low of $0.00000551 as the bulls bought the dips.  

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