Shiba Inu (SHIB) Price Analysis
The Shiba Inu (SHIB) price is currently holding above the support level of $0.00001271, indicating a bearish long-term prediction.
Price Movement
- On August 5, the altcoin dipped to $0.00001079 before bouncing back.
- Bulls managed to stop the downtrend and initiated a rally above the $0.00001270 support but remained below the moving average lines.
- Price indicators suggest a potential decline in the cryptocurrency’s value, with uncertainty in upside movement due to resistance near the 21-day simple moving average.
Indicator Analysis
On the daily chart, SHIB is consolidating above its current support but below the 21-day moving average, indicating potential further declines if rejected at the SMA.
Technical Analysis
- Key Resistance Levels: $0.00001200, $0.00001300, $0.00001400
- Key Support Levels: $0.00000600, $0.00000550, $0.00000450
Future Projection
SHIB is expected to continue declining towards the oversold area of the market, potentially reversing at the 1.272 Fibonacci extension or $0.00000884. The altcoin currently sits above the $0.00001270 support but below resistance at $0.00001470.
Hot Take: What’s Next for Shiba Inu?
As SHIB heads towards oversold territory, the price is likely to fall further according to indicators, potentially finding support at the 1.272 Fibonacci level. Traders should monitor support and resistance levels closely to gauge future price action.
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