Shiba Inu (SHIB) has seen a rise in prices but is currently facing selling pressure at $0.0000300. Despite this, the cryptocurrency has recovered and remains above the moving average lines. The long-term forecast for Shiba Inu is ranging.
Bullish momentum momentarily reached a high of $0.00002943 but was unable to sustain its upward trend above the $0.000030 level. If the uptrend had continued, SHIB could have reached a high of $0.000033. However, the price has since fallen and is now trading within the range of $0.00002200 to $0.00002800.
If buyers can keep the price above $0.00002800, the current range will come to an end. Currently, SHIB is worth $0.00002539. On the downside, the cryptocurrency will fall if it loses the support at $0.00002200.
Analyzing the Shiba Inu indicator, it is observed that the price has pulled back above the moving average lines. The altcoin’s uptrend will continue if it finds support above these lines. However, selling pressure will return if the price falls below the moving average lines on the daily chart.
Key resistance levels for SHIB are at $0.00001200, $0.00001300, and $0.00001400, while key support levels are at $0.00000600, $0.00000550, and $0.00000450.
Looking at the 4-hour chart, SHIB/USD is dropping below the moving average lines. The altcoin has reached the support at $0.00002500, alleviating some of the selling pressure. Currently, Shiba Inu remains range-bound.
It’s important to note that this analysis and forecast are the personal opinions of the author and should not be taken as a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their own research before making any investment decisions.