Shiba Inu Is In A Range But Struggling Under $0.00000800
July 23, 2023Cryptocurrency analysts of Coinidol.com report, Shiba Inu (SHIB) is trapped at the upper end of the price range and continues to move between $0.00000650 and $0.00000800.
Shiba Inu price long-term forecast: fluctuation range
Bulls broke through the barrier at $0.00000800 on July 14-15, but were beaten back. The price of the cryptocurrency dropped into the range-bound zone, but remained above the moving average lines.
Long wicks above the upper price range indicate significant selling pressure at a higher price level, as shown by the candlesticks. As long as the price bars remain above the moving average lines but below the resistance level, SHIB will continue to rise. In the meantime, the altcoin will stay in a range for a few more days.
Shiba Inu indicator analysis
After the upward correction, SHIB is now trading above the Relative Strength Index level of 52 for the period 14. The price of the cryptocurrency has increased as the price bars have stayed above the moving average lines. SHIB is in a downtrend below the Stochastic daily level of 40. The bearish movement has slowed down.
Technical indicators
Key Resistance levels: $0.00001200, $0.00001300, $0.00001400
Key Support levels: $0.00000500, $0.00000450, $0.00000400
What is the next move for Shiba Inu?
Buyers have been desperately trying to break through resistance at $0.00000800 over the past week. SHIB’s faltering movement will continue as the cryptocurrency faces a strong rejection at the recent high. On the 4-hour chart, the altcoin has remained between the moving average lines, indicating a sideways movement.
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 own research before investing in funds.
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