Shiba Inu Oscillates Above $0.00003 And Maintains Its Sideways Pattern

Apr 01, 2024 at 19:17 // Price
Coin Idol

The price of Shiba Inu (SHIB) has continued its uptrend and has risen above the 21-day SMA. Price analysis by

Shiba Inu price long-term forecast: bullish

The altcoin is regaining momentum and is on track to reach its previous high of $0.00003500. Moreover, buyers are expected to push the altcoin to the $0.00008251 resistance. At the time of writing, the altcoin is worth $0.00003013.

If the 21-day SMA holds, the altcoin will rally upwards and regain its previous high of $0.00003500. However, if the altcoin falls below the 21-day SMA, it will return to its previous low of $0.00002500.

Analysis of the Shiba Inu indicator

SHIB's price bars have recovered above the 21-day SMA, which was previously bounded by the moving average lines. The price movement was slowed down by the doji candlestick consolidating above the 21-day SMA. On the 4-hour chart, the price bars are located between the horizontal moving average lines. This causes it to oscillate between the moving average lines.

Technical indicators

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

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

SHIBUSD_(Daily Chart) – March 31.jpg

What's next for Shiba Inu?

The SHIB/USD price has continued its sideways pattern, trading between $0.00002700 and $0.00003200. The price action has been delayed by the presence of doji candlesticks. SHIB will widen its range until it rises again.

SHIBUSD_(4-hour Chart) – March 31.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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