The Shiba Inu (SHIB) Price Analysis: What to Expect?
The price movement of Shiba Inu has entered a bearish phase after facing resistance at $0.00002017. The altcoin’s recent surge has halted, with a decline below key support levels. Here’s a breakdown of what to expect next:
Shiba Inu Price Long-Term Forecast: Bearish 📉
After hitting a high of $0.00002017, Shiba Inu’s price has entered a downtrend. The bears have pushed the price below moving average lines, indicating a potential further drop.
- The altcoin corrected higher but faces resistance at the 21-day SMA.
- If current support at $0.00001711 is breached, the market may drop to $0.00001471.
Shiba Inu Indicator Analysis 📊
Technical analysis of Shiba Inu suggests:
- The price is currently trapped between moving average lines, signaling a continuation of the downtrend.
- On the 4-hour chart, the altcoin is expected to trend sideways to the downside.
Technical Indicators
- Key Resistance Levels: $0.00001200, $0.00001300, $0.00001400
- Key Support Levels: $0.00000600, $0.00000550, $0.00000450
What’s Next for SHIB?
As SHIB/USD dips below moving average lines, further downside is anticipated:
- The altcoin may fall to $0.00001471, supported by price indicators.
- Buyers are struggling to maintain price levels, but a rejection of recent highs could signal continued downtrend.
Conclusion: 🐕
Stay informed about Shiba Inu’s price movements as it navigates the current bearish trend. Monitor key support and resistance levels for potential trading opportunities. Remember, the cryptocurrency market is volatile, so exercise caution in your trading decisions.
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