Shiba Inu Rebounds, But Fights $0.00001500s Opposition

Feb 18, 2023 at 09:53 // Price
Coin Idol
The price of Shiba Inu is rising

The price of Shiba Inu (SHIB) is rising as it is trading above the moving average lines, indicating an uptrend.

Shiba Inu price long-term forecast: bullish

Since February 4, the current uptrend has been frozen at its high of $0.00001500. The SHIB price moved above the 21-day line SMA last week, but below the $0.00001500 resistance. If the price rises above the $0.00001500 resistance, the altcoin will start moving again. The price of SHIB will continue to rise and reach a high of $0.00001700. However, the sideways movement will continue below the resistance level if buyers are not able to keep the price above the $0.00001500 barrier. However, if the price falls below the 21-day line SMA, the uptrend could come to a halt. SHIB will either experience new selling pressure or get stuck in the moving average lines. 

Shiba Inu indicator analysis 

SHIB is at level 54 on the Relative Strength Index for the period of 14. The ascending trend line suggests that the altcoin can go much higher. When the price bars are above the moving average lines, the altcoin will rise. The daily stochastic for the altcoin is above the level of 25. The bullish momentum has slowed down.

SHIBUSD(Daily Chart) - February 17.23.jpg

Technical indicators

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

Important support levels: $0.00001100, $0.00001000, $0.00000900 

What is the next step for Shiba Inu?

The price of Shiba Inu is currently slightly above the moving average lines. Initial resistance to the upside is at the high of $0.00001350. The cryptocurrency is currently trading above the support level of $0.00001200 and below $0.00001350.

SHIBUSD(4 Hour Chart) - February 17.23.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 CoinIdol. Readers should do their own research before investing in funds.

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