Shiba Inu Pulls Back Above $0.00001230 And Trades In A Narrow Range

Today, September 14, the price of Shiba Inu (SHIB) is trading sideways after the price drop on August 5. Price analysis by Coinidol.com.

Long-term Shiba Inu price forecast: ranging

On August 5, the altcoin fell to a low of $0.00001079 before recovering, as reported by Coinidol.com. Over the past month, SHIB has traded between $0.00001230 and $0.00001600. Neither the bulls nor the bears have broken the range. The formation of doji candlesticks has kept the price movement constant. The moving average lines or the resistance at $0.00001600 have limited the upward movement. 

According to the price indications, the market will continue to fall. If the altcoin falls below the support level of $0.00001230, it will drop to a low of $0.00001079. The altcoin is currently worth $0.00001400.

SHIB indicator analysis

Today's price bars are being resisted by the moving average lines. This has forced the altcoin to trade in a narrow range above the $0.00001230 support but below the moving average lines. The price action has been moderate and steady due to the small, indecisive candles known as doji.

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?

SHIB has continued its sideways movement as buyers have tried to keep the price above the moving average lines. The cryptocurrency is consolidating above the current support of $0.00001230. A break below the current support will indicate the resumption of a decline. Similarly, SHIB will resume an uptrend if buyers break the resistance at $0.00001600.

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.