Shiba Inu Remains Stable And Struggles With The $0.00002800 Barrier

The price of Shiba Inu (SHIB) is stable and hovering between the resistance at $0.00002800 and support at $0.00002300. Neither the bulls nor the bears have broken this range.

Shiba Inu price long term prediction: bullish

On November 12, the bulls were pushed back from their recent high and the altcoin fell above the low of $0.00002300 or the 21-day SMA support. The bulls bought the dips and started their uptrend, as reported by Coinidol.com. 

SHIB rallied and broke above the resistance level but then fell back. Further rallies are unlikely as SHIB is trading near the middle of the price range. Should the bears drop below the 21-day SMA support, the current trend would expire. The altcoin is currently worth $0.00002607.

Analysis of the Shiba Inu indicator

SHIB price has remained above the 21-day SMA support and resistance at $0.00002800. There are long candlestick tails moving towards the resistance zone.

Technical indicators

Key Resistance levels: $0.00002800, $0.00002900, $0.00003000

Key Support levels: $0.00002200, $0.00002000, $0.00001900

What is the next step for Shiba Inu?

SHIB is in a sideways trend after hitting resistance at $0.00002800. The cryptocurrency was forced to trade above the support of $0.00002400 but below the resistance level of $0.00002800. The price movement was modest due to the formation of doji candlesticks. 

Today, the altcoin is rising but its progress is being held back by resistance at $0.00002800.

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.