Shiba Inu Holds Up And Corrects Upwards Above $0.00001100

The price of Shiba Inu (SHIB) is recovering after breaking above the $0.00001100 support twice.

SHIB price long-term prediction: bearish

SHIB fell to a low of $0.00001067 on February 3, but bulls took advantage of the drop.

The cryptocurrency reached its lowest price level at $0.00001084 and is currently correcting upwards. The altcoin is trading below the moving average lines but above the $0.00001100 support. SHIB will return to its positive trend once buyers keep the price above the moving average lines. SHIB is expected to rise to a high of $0.00001800.

However, selling pressure will set in if the bears drop below the $0.00001100 support. SHIB is currently trading at $0.00001285.

SHIB indicator analysis

Both the 50-day and 12-day SMA have fallen sharply. The resistance line of the price bars is the 21-day SMA. The uptrend has been halted by the 21-day SMA. The price bars on the 4-hour chart are below the moving average lines.

The resistance at $0.00001300 has hindered the upward movement.

Technical indicators

Key Resistance levels: $0.00002800, $0.00002900, $0.00003000

Key Support levels: $0.00002200, $0.00002000, $0.00001900

What is the next move for SHIB?

Selling pressure on SHIB has eased above the $0.00001100 support level. The high of $0.00001300 has marked the end of the upward correction.

According to Coinidol.com, the cryptocurrency will move between the resistance at $0.00001300 and the support at $0.00001100. If the altcoin drops from the high at $0.00001300, it will continue its range-bound movement.

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