Shiba Inu Is Stuck In A Range And Reaches A Low Of $0.00000833

Jan 06, 2024 at 11:59 // Price
Coin Idol
SHIB is currently stuck between the moving average lines

Shiba Inu (SHIB) price rises after its previous decline and reaches a low of $0.00000833. SHIB price analysis by

Long-term forecast for the Shiba Inu price: bullish

Although the cryptocurrency has risen back above the moving average lines, the bullish momentum peaked at around $0.00001150. The cryptocurrency reached a low of $0.00000833 after falling steeply below the moving average lines. However, as the value of the cryptocurrency rose to the point where the moving average lines crossed, the bulls bought the dips. SHIB/USD is currently trading at $0.00000970.

The cryptocurrency can fall a lot more if it is rejected at its high of $0.00000990. The market will return to its previous low at $0.00000833 if the bears fall below the 50-day SMA.

Analysis of the Shiba Inu indicator

After the recent price decline, SHIB is currently stuck between the moving average lines. As a result, the price of cryptocurrencies will continue to fluctuate between the moving average lines. If the moving average lines are broken, the cryptocurrency will re-enter the trend. On the 4-hour chart, the price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall.

Technical indicators

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

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

SHIBUSD_(Daily Chart) – Jan. 06.jpg

What's next for Shiba Inu?

The current uptrend has ended with a low of $0.00000833. The aim of buyers is to bring the cryptocurrency back to its previous highs. However, sellers are resisting the upward correction. After a price battle between the moving average lines, the price of the cryptocurrency is stuck. If the moving average lines are broken, SHIB/USD will develop a trend.

SHIBUSD_(4- Hour Chart) – Jan.06.jpg

In December reported that SHIB was expected to rise and retest its recent high of $0.00001187. The uptrend could end if the bearish momentum falls below the 21-day SMA and bearish momentum.  

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 the research before investing in funds.

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