Shiba Inu Is In A Range As The Uptrend Has Stalled

Shiba Inu (SHIB) prices have recovered from the price drop on April 13, 2024. Price analysis by Coinidol.com.

Long-term forecast for the Shiba Inu price: bearish

The altcoin had previously fallen above the $0.00002060 support and consolidated back above it ahead of the uptrend. The crypto price has risen above the 21-day SMA and is approaching the 50-day SMA. If the cryptocurrency price rises above the 50-day SMA, SHIBcould return to its previous highs of $0.00003600 and $0.00004552. 

The cryptocurrency will be forced to trade in a range if it fails to break above the moving average lines. The value of SHIB/USD is $0.00002700 at the time of writing.

Analysis of the Shiba Inu indicator

After the recent rally, the price of the cryptocurrency is trapped between the moving average lines. The upward movement is being held back by the 50-day SMA or resistance at $0.00002900. The price of the cryptocurrency will continue to fluctuate until the moving average lines are broken.

Technical indicators

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

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

What is the next move for Shiba Inu?

The downtrend has eased and the bulls have stopped the slide above $0.00002060 and started an upward correction. The uptrend has stalled at the high of $0.00002900, indicating that the cryptocurrency will continue to range.

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 CoinIdol.com. Readers should do their research before investing in funds.