Shiba Inu (SHIB) price has recovered from its dip and has risen above the moving average lines.
Long-term forecast for the Shiba Inu price: bullish
The altcoin has been trading above the moving average lines since September 26, but the uptrend has been halted by resistance at $0.00002100. Today, SHIB is valued at $0.00001840 and is falling towards the moving average lines.Â
On the downside, the positive trend will continue if the altcoin retraces above the moving averages. SHIB will rise and test the resistance at $0.00002100.
SHIB price is $0.00001840 today and is falling towards the moving average lines. On the downside, the positive trend will continue if the altcoin retraces above the moving averages. SHIB will rise and test the resistance at $0.00002100. However, the altcoin will fall below the moving average lines once the 21-day SMA support is broken and fall back to the previous low of $0.00001500.
SHIB indicator analysis
Since the breakout on October 28, the price bars have risen above the moving average lines. The moving average lines are sloping north, indicating a rising trend. The moving average lines have formed a bullish crossover, indicating that the cryptocurrency will continue to rise.
Technical indicators
Key Resistance levels: $0.00001200, $0.00001300, $0.00001400
Key Support levels: $0.00000600, $0.00000550, $0.00000450
What is the next step for Shiba Inu?
SHIB is in an uptrend as it has risen above the moving average lines. On October 29, the price rose to a high of $0.00001982 before falling well above the moving average lines. The extended candlestick wick on October 29 indicated strong selling pressure at the recent high. The altcoin is oscillating above the moving average lines in anticipation of a further rise.
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.Â
