Shiba Inu drops in the face of resistance at $0.00001140

Apr 15, 2023 at 08:43 // Price
Coin Idol
Shiba Inu is correcting upwards

The price of Shiba Inu (SHIB) is currently moving after rising above the 50-day line SMA.

Shiba Inu price long-term forecast: fluctuation range

The value of the cryptocurrency asset is locked at the $0.00001140 high after climbing above the moving average line. The current price of SHIB as of this writing is $0.00001131. Since March 9, the cost of Shiba Inu has fluctuated between $0.00001000 and $0.00001140. The altcoin is rising as it attempts to overcome the obstacle at $0.00001140. SHIB will rise to a high of $0.00001300 if the resistance level is broken. However, the altcoin will resume its range-bound climb if the recent high is denied. 

Shiba Inu indicator analysis

SHIB is at level 56 of the Relative Strength Index for period 14. The altcoin is now moving in a bullish direction after crossing the moving average lines. The price of the cryptocurrency will rise as long as the price bars are above the moving average lines. SHIB is bearish after reaching the overbought zone. It is below the stochastic level of 80.

SHIBUSD(Daily Chart) - April 14.23.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 move for Shiba Inu?

Shiba Inu is correcting upwards and retesting the barrier at $0.00001140. The price of SHIB has tested the resistance five times again without success. The altcoin may start to decline as it approaches the overbought area of the market.

SHIBUSD(4 Hour Chart) - April 14.23.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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