Shiba Inu Price Long Term Prediction: Bearish
The cryptocurrency has pulled back and is currently testing the support level of $0.00000890. The bears have tested this support three times as the cryptocurrency rose above it. If the existing support holds, SHIB will resume its sideways movement and eventually reach its previous high. However, if the bears break below the current support, the market will drop to a low of $0.00000840.
Analysis of the Shiba Inu Indicator
The price bars are currently below the moving average lines, but the selling pressure has eased. Both charts show that the moving average lines are sloping downwards, indicating a downtrend. There is a bearish crossover with the 21-day SMA falling below the 50-day SMA, which presents a selling opportunity for traders.
Technical Indicators
Key resistance levels for SHIB include $0.00001200, $0.00001300, and $0.00001400. On the other hand, key support levels are at $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
Currently, SHIB is bearish but still above the support level at $0.00000890. The cryptocurrency price is recovering, as indicated by long candlestick tails that signal significant buying pressure near this support level.
Previously, it was reported that the moving average lines and resistance at $0.00001050 have resisted upward correction for SHIB.
Hot Take: Shiba Inu Faces Bearish Trend But Shows Signs of Recovery
Although Shiba Inu is currently facing a bearish trend, it is important to note that the cryptocurrency is still above a key support level. The long candlestick tails indicate strong buying pressure near this support, suggesting a potential recovery. However, traders should be cautious as the moving average lines are sloping downwards, signaling a continued downtrend. It will be crucial to monitor whether SHIB can hold the support level or if it will break below and reach lower lows in the market.
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