Shiba Inu Recovers In The Fight Against Resistance At $0.00001

The price of Shiba Inu (SHIB) has recovered and has risen above the moving average lines. SHIB price analysis by Coinidol.com.

Long-term Shiba Inu price prediction: bullish

Since January 3, the cryptocurrency has been trading in the bearish trend zone above the $0.00000870 support. On February 7, the altcoin rebounded and rose above the moving average lines. 

SHIB/USD is now worth $0.00000977. The current upward momentum has hit resistance at the high of $0.00001000. The altcoin is trading below its previous high of $0.00001000 but above the moving average lines.

SHIB will reach a high of $0.00001080 if the current resistance is broken. Currently, the altcoin has pulled back above the $0.00000970 support and the moving average lines. If the price of the cryptocurrency falls below the moving average lines, SHIB will retrace to its previous low of $0.00000870.

Analysis of the Shiba Inu indicator

Following the current price rally, SHIB price bars have risen above the moving average lines. The cryptocurrency has the potential to return to its previous highs. On the 4-hour chart, the moving average lines are sloping upwards, indicating an uptrend.

Technical indicators

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

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

What's next for Shiba Inu?

The 4-hour chart shows SHIB/USD in an uptrend. The uptrend has stalled at its high of $0.00001000. The altcoin has pulled back above the moving average lines. The conclusion is that the current uptrend will resume if the price stays above the moving average lines. Similarly, if the price falls below the moving average lines, the market will decline.

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 research before investing in funds.