Shiba Inu Retraces as It Hits Its Prior Peak of $0.00000826

Oct 28, 2023 at 12:30 // Price
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Shiba Inu is still trading above the moving average lines

Cryptocurrency price analysis brought by The price of Shiba Inu (SHIB) rises when it breaks the moving average lines.

Shiba Inu price long-term forecast: bullish

Shiba Inu reached a high of $0.00000823 on October 26 before retreating. The altcoin is currently above the $0.00000700 support and is in a slight pullback. If the altcoin falls below the $0.00000750 support, it will dive into the range-bound zone. SHIB moved in a range of $0.00000660 to $0.00000750 during the previous price action, and at the moment, the extended candlestick wicks are the reason for the cryptocurrency's continued price rejection. At higher price points, the altcoin continues to encounter rejection. Meanwhile, the altcoin is still trading above the moving average lines.

Shiba Inu indicator analysis

SHIB price bars were below the moving average lines during the price recovery. The cryptocurrency will continue to rise as long as the price bars are above the lines that represent the moving average. The price of the cryptocurrency is in danger of falling below the moving average lines. The moving average lines are trending upwards, which indicates that the current rally will continue.

SHIBUSD_(Daily Chart) – OCT. 27.23.jpg

Technical indicators

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

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

What is the next move for Shiba Inu?

The cryptocurrency asset has reached bullish exhaustion as it pulls back from its previous high. The altcoin has reached the target price level on the 4-hour chart. Buyers were unable to sustain bullish momentum above the current high, resulting in a decline above the moving average lines. If the current support holds, the uptrend will resume.

SHIBUSD (4 Hour Chart) – OCT. 27.23.jpg

As we reported on October 22, on October 9, the cryptocurrency plunged to a low of $0.000000672 and began a range-bound movement. The cryptocurrency is now trading between $0.00000670 and $0.00000710. 

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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