Shiba Inu (SHIB) Price Forecast and Analysis
Shiba Inu (SHIB) has been experiencing a steady decline in price, dropping below moving average lines and hitting a low of $0.00001079 on August 5th. Currently, the price indicator suggests a further decrease to as low as $0.00000884. Despite this, the altcoin has shown some signs of recovery and is now moving sideways above the $0.00001300 support and the $0.00001600 resistance levels. However, buyers have struggled to maintain the price above the moving average lines or the $0.00001600 resistance level.
Key Technical Indicators
- Key Resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key Support levels: $0.00000600, $0.00000550, $0.00000450
Shiba Inu Price Analysis
Following a recent price decline, the price bars for Shiba Inu (SHIB) are now located below the moving average lines, indicating a bearish trend. The altcoin faces obstacles at the 21-day and 50-day Simple Moving Averages (SMAs), suggesting limited upside potential. The downward trajectory of the moving average lines further supports the negative trend.
What’s Next for Shiba Inu?
Currently, SHIB/USD is trading above its lower price range at $0.00001300, showing some resilience. However, the altcoin remains below the moving average lines, reflecting ongoing bearish pressure. The future price movement of Shiba Inu will depend on whether buyers can surpass key resistance levels or if bears manage to breach support levels.
Despite a recent rejection at the moving average lines, the altcoin continues to hold above the $0.00001300 support level, indicating some potential for a recovery.
Hot Take: Shiba Inu Price Outlook
As Shiba Inu (SHIB) faces continued downward pressure and struggles to stay above moving average lines, the future remains uncertain for the altcoin. Traders and investors should closely monitor key support and resistance levels to assess potential entry or exit points.
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