The price of Shiba Inu (SHIB) is currently attempting to resume its downtrend by falling below the support level of $0.00000775, according to cryptocurrency analysts.
Shiba Inu price long term forecast: bearish
If you’ve been following the market, you’ll notice that Shiba Inu has been trading within a range since August 17. However, on August 29, buyers failed to maintain the price above the $0.00000850 resistance level.
This failure by the bulls to restore an uptrend has resulted in a collapse of the altcoin. If the bears break the lower price range, the altcoin will fall to its previous low of $0.00000728. The price indication suggests a decline to as low as $0.00000635. Notably, SHIB experienced an upward correction during the August 17 downturn, with a candlestick testing the 78.6% Fibonacci retracement level. This correction suggests that SHIB will decline but reverse at the 1.272 Fibonacci extension or $0.00000635.
Shiba Inu indicator analysis
The recent decline in SHIB’s price has pushed it down to the Relative Strength Index (RSI) 39 level for the 14 period. The altcoin is currently plummeting and approaching oversold areas of the market. Additionally, the price bars are below the moving average lines, which has accelerated SHIB’s decline. Furthermore, SHIB is trading below the daily stochastic value of 20, indicating that it is in an oversold zone.
Technical Indicators
The key resistance levels for SHIB are $0.00001200, $0.00001300, and $0.00001400, while the key support levels are $0.00000600, $0.00000550, and $0.00000450.
What is the next move for Shiba Inu?
As SHIB/USD approaches the lowest price zone, it is currently falling. The market will continue to decline if the lower price is not held. However, if the lower price range remains intact, the movement will likely stay within the trading range. Currently, Doji candlesticks dominate the market action, causing the altcoin to move slowly.
As we reported on August 27, the price of SHIB fell to a low of $0.00000728, but the bulls bought the dips. However, the 50-day line Simple Moving Average (SMA) halted the uptrend.
Hot Take:
Considering the current bearish forecast for Shiba Inu and its recent decline, it’s important for investors to closely monitor the support levels mentioned above. If SHIB breaks below these support levels, it could experience further downside. On the other hand, if the altcoin manages to hold the support and reverse its decline, there may be a potential for a recovery. As always, it’s essential to stay informed and make well-informed decisions when trading cryptocurrencies like Shiba Inu.
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