Shiba Inu Approaches Its Previous High Of $0.00001500 And Regains Upward Momentum

Feb 11, 2023 at 09:59 // Price
Coin Idol
Shiba Inu regains upward momentum

The price of Shiba Inu (SHIB) is still within the positive trend zone despite the recent decline.

Shiba Inu price long-term forecast: bullish

The coin was overbought at the time of the recent decline. SHIB rose to a high of $0.00001567 on February 4 before declining. The decline was due to buyers not being able to maintain the positive trend. Although it is above the 50-day line SMA, the altcoin is falling below the 21-day moving average. In other words, the moving average lines are broken by SHIB. When the moving average lines are breached, the crypto asset trades. The price is currently being sought by buyers to stay above the moving average lines. If the buyers are successful, SHIB will return to its previous high of $0.00001500. On the other hand, if the cryptocurrency is rejected at the current high, it will be forced to trade in a range between the moving average lines. 

Shiba Inu indicator analysis 

The Relative Strength Index for the 14 period shows SHIB at the 55 level, and the positive trend line indicates that the altcoin can go much higher. Since the price bars are between the moving average lines, the altcoin might be forced to move in a range. Above the daily stochastic threshold of 25, the altcoin is in a positive momentum.

SHIBUSD(Daily Chart) - February 10.23.jpg

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 declining, but above the $0.00001171 support, the negative trend has slowed down. As the cryptocurrency value breaks the 21-day line SMA, it is trying to start a new uptrend. The previous high of $0.00001500 will be retested by SHIB.

SHIBUSD(4 Hour Chart) - February 10.23.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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