The price of Shiba Inu (SHIB) has recovered and has risen above the moving average lines. SHIB price analysis by Coinidol.com.
Shiba Inu’s future price forecast for the long term is optimistic, indicating a bullish outlook.
Since January 3, the cryptocurrency has maintained a bearish trend above the $0.00000870 support. On February 7, the altcoin experienced a rebound, surpassing the moving average lines.
As of now, SHIB/USD is valued at $0.00000977. The ongoing upward momentum has encountered resistance around $0.00001000. While the altcoin is trading below its earlier peak of $0.00001000, it remains above the moving average lines.
If the current resistance is breached, SHIB is expected to reach a high of $0.00001080. Presently, the altcoin has retraced above the $0.00000970 support and the moving average lines. However, a drop below the moving average lines may lead SHIB to revisit its previous low at $0.00000870.
Examination of the Shiba Inu indicator
After the recent surge in prices, SHIB price bars have ascended beyond the moving average lines. The cryptocurrency exhibits the potential to revisit its prior highs. A positive sign is observed on the 4-hour chart, where the moving average lines are trending upward, signaling an ongoing uptrend.
![](https://sollcrypto.com/wp-content/uploads/2024/02/Screen-Shot-2024-02-18-at-3.26.35-PM.png)
What lies ahead for Shiba Inu?
The 4-hour chart indicates an upward trend for SHIB/USD, which has encountered a pause at its peak of $0.00001000. The altcoin has retraced above the moving average lines. The inference is that the ongoing upward trend is likely to continue as long as the price remains above the moving average lines. Conversely, a drop below the moving average lines could signify a market decline.
![](https://sollcrypto.com/wp-content/uploads/2024/02/Screen-Shot-2024-02-18-at-3.27.34-PM.png)