Shiba Inu Gains, But Remains Below The Resistance Level Of $0.00000820

Nov 05, 2023 at 12:44 // Price
Coin Idol
SHIB is currently trading in a bullish trend zone

The price of Shiba Inu (SHIB) is rising above the moving average lines and the resistance level of $0.00000760 but remains below the resistance level of $0.00000820.

Shiba Inu price long term forecast: bullish

On October 19, a price surge pushed the altcoin to a high of $0.00000820. The bullish momentum was pushed back at the recent high, causing the altcoin to trade sideways. Over the past week, the altcoin has been trading above the $0.00000760 support but below the $0.00000820 resistance. If the current resistance is broken, SHIB will continue to rise to a high of $0.00000880. SHIB will fall if the bears break below the moving average lines or the $0.00000740 support. Meanwhile, the altcoin is trading at $0.00000791 at the time of writing.

Shiba Inu indicator analysis

After the rejection at the high of $0.00000820, the price bars and the moving average lines of the cryptocurrency are sloping horizontally. Moreover, the price bars are bouncing below and above the moving average lines in the lower time frame, indicating the sideways trend of the cryptocurrency.

SHIBUSD_(Daily Chart) – Nov. 4.23.jpg

Technical indicators

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

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

What is the next move for Shiba Inu?

SHIB/USD is currently trading in a bullish trend zone but remains below the $0.00000820 resistance level. Resistance at $0.00000820 is hindering the upward movement. The cryptocurrency is currently trading in a small range between $0.00000760 and $0.00000820. If the range is broken, the cryptocurrency could fall to the bottom of the chart or resume its uptrend.

SHIBUSD (4 Hour Chart) – Nov. 4.23.jpg

On October 28, 2023 cryptocurrency analytics specialists of stated that Shiba Inu reached a high of $0.00000823 on October 26 before retreating. The altcoin is currently above the $0.00000700 support and is in a slight pullback. 

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 Readers should do their research before investing in funds.

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