Shiba Inu Holds Above $0.00002500 And Continues To Rise Steadily

May 22, 2024 at 05:46 // Price
Coin Idol

The price of Shiba Inu (SHIB) has been hovering between $0.00002100 and $0.00003200 since March 4, 2024.

Long-term prediction of the Shiba Inu price: ranging

The price fluctuation was limited and confined to the range. On May 20, the price of the cryptocurrency broke above the moving average lines before retracing and retesting the 50-day SMA. Doji candlesticks have limited the price movement. Traders are unsure in which direction the market will move. The altcoin's price is stable and consolidating above its current support. SHIB/USD is currently worth $0.00002560.

Analysis of the Shiba Inu indicators

The doji candlesticks are forcing the moving average lines to be horizontally flat. The price bars are above the moving average lines, but the doji candlesticks limit the scope of the price movement.

Technical indicators

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

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

SHIBUSD_(Daily Chart) – May 21.jpg

What's next for Shiba Inu?

SHIB/USD is moving steadily within a narrow trading range, with upside momentum halted by resistance at $0.00002800. At the same time, bulls are defending the current support level of $0.00002100 as the altcoin remains range-bound. On May 20, the altcoin rallied and tested the $0.00002612 resistance level. SHIB price dropped and started trading above the $0.00002500 support and below the $0.00002600 resistance. A price recovery or breakout will bring the altcoin into a trend.

SHIBUSD_(4-hour Chart) – May 21.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 Readers should do their research before investing in funds.

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