The price of Shiba Inu (SHIB) has fallen above the 21-day SMA. Price analysis by Coinidol.com.
The price of Shiba Inu fell after its rejection on December 17. On December 23, buyers tried to push the price to a high of $0.00001127 but failed.
The current rise in crypto price is expected to increase if it stays above the 21-day SMA. SHIB is expected to rise and retest its recent high of $0.00001187. The uptrend will end if the bearish momentum falls below the 21-day SMA and bearish momentum. The altcoin will first drop to a low above the 50-day SMA or $0.00000950. In the meantime, the price of the cryptocurrency hovers above the moving average lines.
After the current drop, the price bars of SHIB are above the moving average lines. The price bars on the 4-hour chart are below the moving average lines, indicating that the cryptocurrency will continue to fall. The altcoin is also suffering from overbought conditions at its high of $0.00001150. Sellers have emerged in the overbought area as the value of cryptocurrencies declines.
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
SHIB/USD's recent rally is in jeopardy as the altcoin falls above the 21-day SMA. The market will move between the 21-day SMA and resistance at $0.00001150 if the current support holds. Today, the long candle tails are pointing downwards, suggesting that the cryptocurrency could be under heavy buying pressure.
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 the research before investing in funds.