Shiba Inu Price Analysis: Will SHIB Go Lower?
The price of Shiba Inu (SHIB) is currently facing a significant drop, breaking through key support levels and targetting new lows. The long-term forecast for SHIB remains bearish as the cryptocurrency struggles to gain value amidst selling pressure.
Shiba Inu Indicator Overview
Looking at the Shiba Inu indicator, we can see that the price bars have hit levels not seen since April 13. With a bearish crossover and price bars below moving average lines, the indicator signals a further decline in SHIB. Doji candlesticks dominate the price activity, indicating uncertainty in the market.
Technical Levels to Watch
- Key Resistance Levels: $0.00001200, $0.00001300, $0.00001400
- Key Support Levels: $0.00000600, $0.00000550, $0.00000450
The Next Move for Shiba Inu
Currently, SHIB continues its downtrend, aiming to break the previous low of $0.0000166. On the 4-hour chart, bears have managed to break the trading range of $0.0000172 to $0.0000190, with a potential drop towards $0.000010. However, upward movement is limited by moving average lines, suggesting a challenging path for SHIB in the near future.
Hot Take: SHIB Faces Uphill Battle
As Shiba Inu struggles to maintain its value and faces renewed selling pressure, the cryptocurrency market remains bearish. With key support levels at risk of being breached and technical indicators signaling further declines, SHIB investors should brace for a challenging period ahead.
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