Shiba Inu Continues Its Horizontal Trend And Holds Above $0.00002100

Apr 30, 2024 at 12:59 // Price
Author
Coin Idol

The price of Shiba Inu (SHIB) is in a horizontal trend after the end of the uptrend on March 5, 2024.

Long-term forecast for the Shiba Inu price: bearish

The altcoin has recovered from its previous downturn. The uptrend ended after it reached a high of $0.00004552. The altcoin fell abruptly to a low of $0.00002500 due to the strong rejection at the recent high. The altcoin is currently valued at $0.00002407. SHIB has been trading in a narrow range of $0.00002100 to $0.00003500 since March 5, 2024. The altcoin has remained largely stable within its price range over the past month.

Price action was dominated by doji candlesticks, which kept the price movement flat. The altcoin is now consolidating above its lower price range.

Analysis of the Shiba Inu indicator

The sideways trend has kept the moving average lines horizontal. The price bars are below the moving average lines, but the selling pressure has eased. On April 13, 2024, a long candlestick tail indicates significant buying demand at lower prices.

Technical indicators

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

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

SHIBUSD_(Daily Chart) – April 29.jpg

What's next for Shiba Inu?

Over the past month, SHIB has been moving within its limited trading range. The uptrend will start if buyers keep the price above the moving average lines and the $0.00003500 resistance level. Currently, the altcoin is in a downtrend and reaching the lowest price range. However, the price movement has been minimal.

SHIBUSD_(4-hour Chart) – April 29.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 CoinIdol.com. Readers should do their research before investing in funds.

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