The Price of Shiba Inu (SHIB) Continues to Fall
The latest price analysis shows that the price of Shiba Inu (SHIB) has fallen further since the rally on October 2. The altcoin reached a high of $0.00000803 before dropping below the moving average lines and hitting a low of $0.00000713 today. Bears are pushing the price down to retest or break the previous low at $0.00000698, and if they succeed, the price could fall to $0.00000635.
However, if the support level at $0.00000698 holds, the sideways trend will continue, with SHIB/USD maintaining its range between $0.00000698 and $0.00000770. Nevertheless, given the price signal, it is likely that the altcoin will fall.
Shiba Inu Indicator Analysis
The price bars for SHIB are currently below the moving average lines in two time frames, indicating a continued downward movement for the cryptocurrency. The moving average lines have been flat since September 11, suggesting a sideways trend.
Technical Indicators
Key resistance levels for SHIB/USD are at $0.00001200, $0.00001300, and $0.00001400, while key support levels are at $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
Following the rejection on October 2, SHIB/USD is gradually falling and has been stopped by the 21-day moving average line. If the bears manage to break below the support at $0.00000698, the slide will accelerate.
According to cryptocurrency analytics specialists, the 21-day line SMA has slowed down the upward movement of the price. SHIB is currently attempting to break the 21-day line SMA.
Hot Take: Shiba Inu Continues to Face Downward Pressure
The price of Shiba Inu (SHIB) has been on a downward trend since the rally on October 2. Bears are pushing the price lower, aiming to retest or break the previous low at $0.00000698. If they succeed, the altcoin could fall even further. However, if the support level at $0.00000698 holds, SHIB/USD will likely continue its sideways movement within a range of $0.00000698 and $0.00000770. Technical indicators suggest a continued downward movement for SHIB, with resistance levels at $0.00001200, $0.00001300, and $0.00001400, and support levels at $0.00000600, $0.00000550, and $0.00000450.
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