Shiba Inu Holds Above $0.00002500

Apr 09, 2024 at 10:58 // Price
Coin Idol

The price of Shiba Inu (SHIB) has fallen below the 21-day SMA but remains above the $0.00002500 support level.

Long-term forecast for the Shiba Inu price: bearish

The cryptocurrency had previously risen to a high of $0.00004500 before being pushed back. Since its decline on March 5, the altcoin has consolidated above the current support level of $0.00002500. However, the price action has remained stationary due to the doji candlesticks.

If the altcoin recovers to the upside, it will surpass the 21-day SMA. SHIB will resume its uptrend and rise to previous highs of $0.00003500 and $0.00004500. On the other hand, if SHIB loses the current support, it will fall below the 50-day SMA. This would accelerate the decline to its low of $0.00000950. SHIB is currently worth $0.00002793.

Analysis of the Shiba Inu indicator

SHIB is expected to fluctuate because the price of the cryptocurrency is trapped between the moving average lines. The small candlestick bodies are still present and limit the price movement of the cryptocurrency. Traders are indifferent to the direction of the market.

Technical indicators

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

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

SHIBUSD_(Daily Chart) – April 8.jpg

What's next for Shiba Inu?

SHIB/USD has entered a sideways trend after falling sharply on March 5. The altcoin is trading between $0.00002500 and $0.00003500. SHIB will trend if the range boundaries, which include the moving average lines, are broken.

SHIBUSD_(4-hour Chart) – April 8.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 Readers should do their research before investing in funds.

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