Long-term forecast for the Shiba Inu price: bearish
The price of Shiba Inu (SHIB) experienced a rapid drop, reaching a low of $0.00000833, but it has since recovered. However, there is resistance to the upward correction, with the moving average lines and resistance at $0.00001050 preventing further gains. The altcoin recently hit a new low of $0.00000976, indicating the start of a new downtrend. If selling pressure continues, SHIB will fall below the current support level of $0.00000890. If the support holds, SHIB will trade within a range of $0.00000890 and $0.00001050.
Analysis of the Shiba Inu indicator
The price bars on both charts show potential volatility in Shiba Inu, as they are between the moving average lines. The extended tails of the downward candles suggest strong buying pressure near the support level of $0.00000833.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What’s next for Shiba Inu (SHIB)?
The moving average lines are no longer above SHIB/USD, indicating bearish exhaustion as the altcoin continues to fall. Currently trading between $0.00000870 and $0.00001050, SHIB has returned to the middle of this range. As long as the price bars remain between the moving average lines, there will be limited price movement.
Hot Take: Shiba Inu’s Bearish Trend Continues
The price of Shiba Inu (SHIB) has faced resistance in its upward correction and has now entered a new downtrend. While there is potential for volatility, the altcoin’s recent decline suggests further bearish movement. If selling pressure persists, SHIB may fall below its current support level. However, if the support holds, SHIB will trade within a specific range. Traders should closely monitor the moving average lines and key support and resistance levels to gauge future price action.
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