Shiba Inu (SHIB) Price Analysis: What’s Next for the Altcoin?
The price of Shiba Inu (SHIB) has seen a slight decline recently, following a drop below historical price levels on April 13. Here is an analysis of the current scenario and what the future might hold for this altcoin.
Shiba Inu Price Long Term Forecast: Bearish π
– The altcoin’s downtrend may continue if it falls below the previous low of $0.00001664.
– On July 5, SHIB dropped to $0.00001273 but managed to recover.
– Currently trading above the $0.00001300 support but below moving average lines.
– Possibility of falling to $0.00000950 if it loses the $0.00001300 support.
– Bullish movement expected if the price surpasses the moving average lines.
– Presently valued at $0.00001655.
Shiba Inu Indicator Analysis π
– Bears have breached the previous low of $0.00001664.
– Support now acts as a resistance level.
– Price surge thwarted by resistance at $0.00001664 or the 21-day SMA.
– Price bars above moving average lines but rejected at $0.00001700 on the 4-hour chart.
Technical Indicators
– Key resistance levels: $0.00001200, $0.00001300, $0.00001400.
– Key support levels: $0.00000600, $0.00000550, $0.00000450.
What is the Next Move for Shiba Inu? π€
– SHIB continues its downtrend after losing support at $0.00001664.
– Trading range now between $0.00001300 and $0.00001700.
– Downtrend paused by moving average lines.
– Further decline below support and moving averages could raise selling pressure.
Hot Take: Shiba Inu’s Path Ahead
As Shiba Inu faces a bearish outlook in the long term and struggles to break key resistance levels, the altcoin’s future remains uncertain. Traders should closely monitor developments in the market and be prepared for potential downside risks in the coming days. Stay tuned for further updates on Shiba Inu’s price movements.
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