The Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) prices have been fluctuating in a range since April 13, 2024, when the price experienced a drop.
Long-term Prediction of the Shiba Inu Price: Range
The cryptocurrency has been trading within the range of $0.00002100 and $0.00002900. Bulls have been struggling to maintain their bullish momentum above the moving average lines since May 21. After reaching a high of $0.00002900, the altcoin faced rejection and dropped below the moving average lines.
On June 7, SHIB plummeted to a low of $0.00002157, nearing the lowest price range. The trend is expected to continue as the altcoin falls and seeks support above the $0.00002100 mark. If the current support level breaks, the cryptocurrency might decline further to its previous low of $0.00001664. Currently, SHIB is valued at $0.00002311.
Analysis of the Shiba Inu Indicator
Following the price dip, the SHIB price bars have dipped below the moving average lines. Despite the recent decline, the moving average lines continue to maintain a horizontal slope. The presence of extended candle tails suggests a lower price range and indicates strong buying pressure.
Technical Indicators
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
What is the Next Development for Shiba Inu?
On the 4-hour chart, SHIB has dropped below the moving average lines, targeting the lowest price levels. Although the fall has been halted above the $0.00002200 support, the downtrend could potentially extend to the previous low of $0.00002100, which has been sustained since April 13, 2024.
Hot Take
Stay informed about the fluctuating prices and trends in the Shiba Inu (SHIB) market to make informed decisions regarding your investments in the cryptocurrency.
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