Shiba Inu Recovers After A Stopover At $0.00002017

The price of Shiba Inu (SHIB) has recovered from its drop and rose above the moving average lines on July 13. The cryptocurrency is recovering after falling to a low of $0.00001273 on July 5.

Long-term forecast for the SHIB price: bearish

However, the bullish momentum remained halted above the high of $0.00002017 or the 50-day SMA level. The price of the cryptocurrency is currently trapped between the moving average lines. The bulls have been stopped at the 50-day SMA while the bears have been stopped at the 21-day SMA support. SHIB/USD is currently trading in a narrow range of $0.00001700 to $0.00001900. 

Currently, the upside or downside of the cryptocurrency is uncertain as altcoin is trapped between the moving average lines. SHIB is worth $0.00001779 at the time of writing.

Analysis of the Shiba Inu indicator

SHIB has been trading within a narrow range over the past week. Neither the bulls nor the bears have the upper hand. Should the bears break the 21-day SMA support, the altcoin would drop to the next support level at $0.00001400. If the bulls break the 50-day SMA, the altcoin will rise above $0.00002200. The uptrend will continue to the high of $0.00002600.

Technical indicators

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

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

What is the next step for SHIB?

The next price movement for SHIB/USD is unpredictable as the altcoin trades between the moving average lines. The altcoin will always trend when one of the moving average lines is broken. According to the price indicator, the altcoin will cross the barrier at $0.00002017.

On July 13, the bulls broke through the 21-day SMA and resumed the bullish momentum. The bullish momentum was projected to reach a high at $0.000020 or the 50-day SMA, as Coinidol.com reported previously. 

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.