Shiba Inu's Uptrend Continues And Struggles With The $0.00001100 Barrier

Dec 23, 2023 at 12:19 // Price
Coin Idol

Shiba Inu (SHIB) prices have continued to rise after falling above the 21-day simple moving average on December 18. Price analysis by

Long-term forecast for the Shiba Inu price: bullish

Shiba Inu has bounced back above the 21-day SMA support as it begins its uptrend. Since October 18, the price of the cryptocurrency has made a series of higher highs and higher lows. SHIB rose to a high of $0.00001172 on December 16, but then fell above the 21-day SMA. At this time, SHIB/USD is trading at $0.00001096.

The value of the cryptocurrency continues to rise. The price indicator predicts that the altcoin will reach the Fibonacci extension of 1.618 or $0.00001246.

The upward movement is now encountering the rejection of the resistance zone at $0.00001200. The targeted price level will be reached when the current resistance is overcome.

Analysis of the Shiba Inu indicator

The 12-day SMA serves as a support line while the price bars are above the moving average lines. The uptrend is indicated by the sloping moving average lines pointing north. The moving average lines on the 4-hour chart are horizontal due to resistance at $0.00001100.

Technical Indicators

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

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

SHIBUSD_(Daily Chart) – Dec.22.jpg

What is the next move for Shiba Inu?

The altcoin is now in a range, with the current uptrend having faded after the December 6 spike. The altcoin is currently trading between $0.00000950 and $0.00001100. The altcoin is currently on the retreat as it approaches the $0.00001100 level, which is resistance. If both the resistance and support levels are broken, the market will re-enter the trend.

SHIBUSD_(4- Hour Chart) – Dec.22.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 the research before investing in funds.

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