Shiba Inu Rises But Is Under Selling Pressure At $0.0000300

Jun 02, 2024 at 06:35 // Price
Coin Idol

Shiba Inu (SHIB) prices have recovered and remain above the moving average lines.

Long-term forecast for the Shiba Inu price: ranging

Bullish momentum hit a high of $0.00002943 but was halted. Buyers could not sustain their buying momentum above the $0.000030 level. SHIB would have reached a high of $0.000033 if the uptrend had continued. However, the price of the cryptocurrency has fallen. It is trading in a price range of $0.00002200 to $0.00002800.

On the positive side, the current range will end if buyers keep the price above $0.00002800. Today, SHIB has fallen above the moving average lines and is worth $0.00002539. On the downside, SHIB will fall if it loses the current support of $0.00002200.

Analysis of the Shiba Inu indicator

The price of the cryptocurrency has pulled back above the moving average lines. The altcoin's uptrend will continue if it finds support above the moving average lines. Selling pressure will return if the price falls below the moving average lines of the daily chart.

Technical Indicators

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

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

SHIBUSD_(Daily Chart) – May 31.jpg

What's next for Shiba Inu?

SHIB/USD is dropping below the moving average lines on the 4-hour chart. Selling pressure has eased as the altcoin has reached the $0.00002500 support. The altcoin's crypto signal is range-bound as it remains within the range-bound zone.

SHIBUSD_(4-Hour Chart) – May 31.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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