Shiba Inu (SHIB) Price Analysis: Bearish Outlook
The price of Shiba Inu (SHIB) has shown signs of bearish fatigue as it holds above the $0.00000870 support level. However, the moving average lines have been capping the upside.
Long-term Forecast for Shiba Inu Price: Bearish
Since the plunge on January 23, SHIB has been trading below the 21-day moving average lines but above the $0.00000870 support. The bulls have attempted to break above the 21-day SMA, and if successful, SHIB could rally to the 50-day SMA or a high of $0.00000980.
If the uptrend continues and SHIB breaks above the 50-day SMA, it will likely continue to rise. However, if it loses its current support, SHIB could fall back to its previous low of $0.00000833. Currently, SHIB/USD is valued at $0.00000907.
Analysis of Shiba Inu Indicator
The price bars are below the moving average lines, with the 21-day SMA acting as a resistance line. The moving average lines are pointing downwards, indicating a negative trend. The Doji candlesticks are consolidating above their current support, suggesting indecision among buyers and sellers.
Technical Indicators
Key resistance levels for SHIB include $0.00001200, $0.00001300, and $0.00001400. Important support levels are at $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
Since hitting a low of $0.00000847 on January 23, the downtrend for SHIB has eased as bulls bought the dips and the altcoin started an uptrend. However, on January 30, SHIB experienced a significant drop after reaching a high of $0.00000967. The long candlestick wick indicates strong selling pressure as prices rise.
Hot Take: Shiba Inu Faces Bearish Outlook
The price of Shiba Inu (SHIB) is currently showing signs of bearish fatigue, with the moving average lines capping the upside. While there have been attempts by the bulls to break above the 21-day SMA, the overall trend remains negative. Technical indicators suggest key resistance levels for SHIB, and important support levels to watch. The future movement of SHIB will depend on whether it can maintain its current support or fall back to previous lows. Overall, the outlook for Shiba Inu remains bearish in the long-term.
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