CandleFocus

Shiba Inu Corrects Upwards Above The $0.00001600 Breakout Level

Author: Content Editor
The price of Shiba Inu (SHIB) has been in an uptrend, breaking above resistance levels and moving average lines. It reached a high of $0.00001861 but faced selling pressure and fell back. However, it found support above the breakout level of $0.00001600. The altcoin's uptrend will continue if it maintains support above moving average lines and breaks through the $0.00002200 resistance. If the resistance is broken, SHIB could reach a high of $0.00002600. On the daily chart, the price bars are above moving average lines, indicating the uptrend will continue. However, on the 4-hour chart, the price bars are below moving average lines, suggesting selling pressure could persist. Key resistance levels are $0.00001200, $0.00001300, and $0.00001400, while key support levels are $0.00000600, $0.00000550, and $0.00000450. SHIB is finding support above the $0.00001600 breakout level and may correct higher towards the 50-day SMA barrier. The positive momentum will persist if the price breaks above moving averages, but selling pressure will return if the altcoin is rejected at the moving average lines. It is expected to drop to a low of $0.00001300. SHIB was the cryptocurrency with the second-highest performance of the previous week, according to Coinidol.com. The analysis and forecast provided are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency. Readers should conduct their own research before investing.

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