Shiba Inu (SHIB) Price Trend Analysis
Despite a recent dip, Shiba Inu (SHIB) is still within a positive trend zone. The altcoin reached a peak of $0.00001567 on February 4th, but couldn’t maintain the upward momentum and declined. Despite being above the 50-day Simple Moving Average (SMA) line, it has fallen below the 21-day SMA line. This indicates a breach in the moving average lines and the possibility of trading.
Is SHIB Returning to its Previous High?
Buyers are currently trying to keep the price above the moving average lines, with the hope of returning it to its previous high of $0.00001500. However, if the cryptocurrency is rejected at its current high, it will likely trade within a range between the moving average lines.
SHIB’s Relative Strength Index and Momentum
The 14-period Relative Strength Index (RSI) for SHIB stands at 55, with a positive trend line indicating that the altcoin could go even higher. As the price bars are situated between the moving average lines, SHIB may be forced to trade within a range. With a daily stochastic threshold above 25, the cryptocurrency is in a positive momentum.
SHIB’s Support and Trend Analysis
Shiba Inu has declined, but the negative trend has slowed down as it remains above the $0.00001171 support. As the value breaks the 21-day SMA line, it is attempting to start a new uptrend. The previous high of $0.00001500 is expected to be retested by SHIB.