The price of Shiba Inu (SHIB) continues to fluctuate in a range between $0.00000650 and $0.00000850.
The price of SHIB has broken through the moving average lines but is rejected at the recent high. On the upside, the barrier at $0.00000850 has stopped the upward movement three times.
Since July 13, the price bars have held above the moving average lines as the bulls continue to try to retest the resistance level.
Should the SHIB price break above the $0.00000850 resistance, it will resume its uptrend. The bullish momentum will reach a high of $0.00001100. On the other hand, a further decline is unlikely as the altcoin was previously oversold. SHIB/USD will move in a trading range if the bulls fail to break the resistance.
SHIB is in the uptrend zone of the Relative Strength Index for the period 14 at the level 60. The price of the cryptocurrency has remained constant as long as the price bars remain above the moving average lines. The downward momentum has slowed down below the daily Stochastic level of 80. If the altcoin retraces above the moving average lines, the positive momentum could resume.
Key Resistance levels: $0.00001200, $0.00001300, $0.00001400
Key Support levels: $0.00000500, $0.00000450, $0.00000400
SHIB/USD is trading in a range and is facing resistance at $0.00000850. The presence of the Doji candlestick has defined the cryptocurrency asset. The recent movement within the trading range was caused by Doji candlesticks. As long as the resistance remains unbroken, the sideways movement will continue.
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 their own research before investing in funds.