Shiba Inu’s Uptrend Is Under Threat As It Has Reached The $0.00001135 High

Dec 09, 2023 at 10:44 // Price
Coin Idol

Shiba Inu (SHIB) has been in an uptrend since the decline ended above the $0.00000670 support.

Cryptocurrency analysis by At the time of writing, the cryptocurrency had reached a high of $0.00001026.

Long-term prediction of the Shiba Inu price: bullish

The altcoin is approaching its previous high of $0.00001135, which was reached on August 12. However, due to overbought conditions, the altcoin has not been able to move higher. SHIB/USD fell to a support level above the low of $0.00000670.

Today, SHIB is reaching the historical price level previously reached on August 12. The market will rise to a high of $0.00001420 if the bulls break through the historical price level.

However, if the buyers fail to sustain the price above the previous high, the altcoin will fall. It will fall above the breakout level of $0.00000855. Meanwhile, the altcoin is trading in the overbought zone of the market. 

Shiba Inu indicator analysis

The price bars are above the moving average lines, which are rising upwards. The 21-day SMA serves as a support line from which the altcoin can rise to previous highs. The moving average lines are currently sloping north, indicating an uptrend. The overbought condition of the asset threatens the rise of the asset.

Technical indicators

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

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

SHIBUSD_(Daily Chart) – Dec.9.jpg

What's the next move for Shiba Inu?

The cryptocurrency has gained value and returned to the historical price level of August 12. It is unlikely that the value of the altcoin will rise above its previous price as the market is currently overbought. If the current level is broken, SHIB will rise to the next resistance level at $0.00001200. Otherwise, the market will resume its downtrend.

SHIBUSD_(4- Hour Chart) – Dec.9.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.  

Show comments(0 comments)