Shiba Inu's Upward Trend Continues And Struggles With The $0.00001100 Barrier

Dec 23, 2023 at 10:19 // Price
Author
Coin Idol

Shiba Inu (SHIB) prices have continued to rise after falling above the 21-day simple moving average on December 18. Price Analysis by Coinidol.com.

Long-term forecast for the Shiba Inu price: bullish

Shiba Inu has bounced back above the 21-day SMA support as it begins its uptrend. Since October 18, the price of the cryptocurrency has made a series of higher highs and higher lows. SHIB rose to a high of $0.00001172 on December 16, but then fell above the 21-day SMA. At this time, SHIB/USD is trading at $0.00001096.

The value of the cryptocurrency continues to rise. The price indicator predicts that the altcoin will reach the Fibonacci extension of 1.618 or $0.00001246.

The upward movement is now encountering the rejection of the resistance zone at $0.00001200. The targeted price level will be reached when the current resistance is overcome.

Analysis of the Shiba Inu indicator

The 12-day SMA serves as a support line while the price bars are above the moving average lines. The uptrend is indicated by the sloping moving average lines pointing north. The moving average lines on the 4-hour chart are horizontal due to resistance at $0.00001100.

Technical Indicators

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

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

SHIBUSD_(Daily Chart) – Dec.22.jpg

What is the next move for Shiba Inu?

The altcoin is now in a range, with the current uptrend having faded after the December 6 spike. The altcoin is currently trading between $0.00000950 and $0.00001100. The altcoin is currently on the retreat as it approaches the $0.00001100 level, which is resistance. If both the resistance and support levels are broken, the market will re-enter the trend.

SHIBUSD_(4- Hour Chart) – Dec.22.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 the research before investing in funds.

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction: DOGE Plunges 7% As Experts Say Consider This Innovative Staking Meme Coin For 100X Gains

Image
The Dogecoin price plunged 7% in the last 24 hours to trade at $0.1922 as of 2.20 a.m. EST on trading volume that plummeted 23% to $7.56 billion. After surging over the past two days during the US election, the Dogecoin price climbed to $0.21, only for it to then correct back under the resistance at $0.20. The project only reached this height twice in the past year — once in March, and once again in April. However, with the election now officially over, the hype has died down, and prices have corrected. But Dogecoin might prove to be a special case given Trump’s plans to create a new crypto-related department and put Elon Musk — a major DOGE supporter — in charge of it. Recent mentions of the so-called Department of Government Efficiency, or DOGE, have fired Dogecoin higher, and so many are likely to keep DOGE in expectation of much greater gains in months and years to come. Dogecoin Price Prediction The Dogecoin price correction in the last 24 hours was fa...
Read more

Elon Musk Dogecoin Joke Fails To Ignite DOGE Price Even As Donald Trump Considers Tesla Titan For Public Office

Image
A Dogecoin joke by Tesla and SpaceX founder Elon Musk failed to stem a DOGE slump even as former President Donald Trump said he’d offer him a cabinet post if he re-takes the White House. In an Aug. 20 post on X, Musk said he’s “willing to serve,” along with a picture of him standing at a podium with the words “D.O.G.E. – Department of Government Efficiency.” Following the post, the price of Dogecoin registered a slight 24-hour loss to trade at $0.1046 as of 2:50 a.m. EST, perhaps signaling Musk’s waning influence on the price of the biggest meme coin by market capitalization. Trump Willing To Offer Elon Musk A Cabinet Position Musk’s post came in response to Trump saying that he would offer the Tesla and SpaceX founder a Cabinet position or an advisory role if he gets elected, and assuming Musk was interested. In an interview with Reuters, the Republican nominee said that he would approach Musk for such a position “i...
Read more

Bitcoin miner Phoenix Group’s $370m IPO overwhelms with massive subscription rate

Image
Phoenix Group, a major bitcoin mining service provider based in Abu Dhabi, recently announced the successful completion of its Initial Public Offering (IPO), securing a substantial $370 million in capital.  In a statement released this week, Phoenix Group revealed the IPO, initiated on the Abu Dhabi Securities Exchange (ADX), witnessed an overwhelming response, with subscriptions exceeding the initial offering price 33 times over. Notably, the enthusiasm among retail investors was particularly striking, with subscriptions surpassing expectations by 180 times. You might also like: WSJ: Changpeng Zhao to step down, plead guilty as part of Binance-DoJ settlemen Phoenix Group IPO details The public offering, which commenced on Nov. 16 and concluded on Nov. 18, involved the sale of 907 million shares. This represented 17.64% of the company’s stakes, with the aim of raising 1.3 billion UAE dirhams, approximately $370 million. The shares are scheduled to start trading ...
Read more