Shiba Inu Stops Its Downtrend And Stays Above $0.00000850

The price of Shiba Inu (SHIB) has fallen below the moving average lines but is holding above the $0.00000833 support. Coinidol.com bringing the latest price analysis of SHIB coin.

Long-term forecast for the Shiba Inu price: bearish

The cryptocurrency has ended its downtrend above the current support. The existing support has been maintained since January 3, 2024. The four candlestick tails signal significant buying pressure near the $0.00000833 support. SHIB is now trading sideways after the decline ended on January 3, 2024. SHIB/USD is now trading between $0.00000850 and $0.00001000. The value of the altcoin currently stands at $0.00000909.

Meanwhile, the altcoin is rising as it approaches the $0.00001000 resistance level. The altcoin will continue to rise if the price breaks above the moving average lines or the resistance of $0.00001000.

Analysis of the Shiba Inu indicator

The price bars remain below the moving average lines as the cryptocurrency continues its sideways movement. On the 4-hour chart, the price bars are embedded between the moving average lines. This indicates a likely movement within a range.

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?

The altcoin's decline has slowed down as it remains above the $0.00000833 support. SHIB's current price range is between $0.00000850 and $0.00001000. On the 4-hour chart, the cryptocurrency is rising but is trapped between the moving average lines. SHIB will resume its rise if buyers keep the price above the resistance at $0.00001000.

On January 20 SHIB was trading below the moving average lines at 0.00000890 and 0.00001000, as reported by Coinidol.com.

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 the research before investing in funds.