Cryptocurrency Analysts Predict Bearish Future for Shiba Inu Price
According to cryptocurrency analysts, the price of Shiba Inu (SHIB) has been steadily declining. On September 11, SHIB dropped to a low of $0.00000698 before experiencing an upside correction that was halted at $0.00000750. Currently, the cryptocurrency is expected to continue its downward trend and may reach a low of $0.00000635 if the current support is broken.
An analysis of the price indication suggests that SHIB will decline and reverse at the level of 1,272 Fibonacci Extension or $0.00000635. This would push the altcoin into the oversold zone if it falls to this targeted price level. However, by September 19, SHIB price had reached $0.0000072.
Shiba Inu Indicator Analysis
SHIB has been falling and has now reached level 36 of the Relative Strength Index (RSI) for the 14-day period. Further decline could push the altcoin into the oversold zone. Additionally, SHIB fell below level 20 of the daily stochastic indicator, indicating that the market is oversold.
Technical Indicators
Key resistance levels for SHIB are $0.00001200, $0.00001300, and $0.00001400, while key support levels are $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
SHIB is approaching its current support level at $0.00000698 and may fall further if this support is broken. On June 9, the altcoin previously hit a low of $0.00000551 and managed to recover. If the current support is broken, the market could fall back to this previous low.
Last week, it was reported that SHIB had been trading in a range but has now been pushed into a lower price range by bears. If the current support is broken, the market would fall back to the previous low of $0.00000551.
Hot Take: Shiba Inu Faces Bearish Future
Based on recent analysis, Shiba Inu’s price is expected to continue its decline. The altcoin has reached key support levels and indicators suggest that it may enter oversold territory. If the current support is broken, SHIB could experience further downside, potentially falling back to previous lows. However, it’s worth monitoring the market closely as any significant developments or changes in investor sentiment could impact the future trajectory of Shiba Inu’s price.
By
By
By
By
By
By