The price of Shiba Inu (SHIB) is experiencing a bearish trend, according to cryptocurrency price analysis.
The long-term forecast for the price of Shiba Inu is bearish as the cryptocurrency has fallen below the moving average lines. Despite a previous rally above the moving average lines, buyers were unable to sustain the price above the $0.00001000 resistance level. The altcoin may have briefly reached $0.00001050 before declining.
Currently, SHIB is valued at $0.00000942 and continues to decline above the 50-day Simple Moving Average (SMA). If the bears break the 50-day SMA, SHIB will retest the previous support level of $0.00000870.
Analysis of the Shiba Inu indicator
The price bars of SHIB are currently trapped between the moving average lines, indicating that the cryptocurrency is expected to remain in a trading range. On the 4-hour chart, the price bars are below the moving average lines, further confirming that SHIB will continue to fall.
Technical indicators
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
What’s next for Shiba Inu?
The 4-hour chart reveals that SHIB/USD is falling below the moving average lines with a series of lower highs and lower lows in its price movement. Currently, it is testing the support level of $0.00000950 once again but experiencing a pullback.
On February 18, it was reported that SHIB was trading below its previous high of $0.00001000 but remained above the moving average lines.
Hot Take: The future of Shiba Inu
The price of Shiba Inu is currently experiencing a bearish trend, with the cryptocurrency falling below the moving average lines and facing resistance at the $0.00001000 level. Here’s what you need to know:
- The long-term forecast for SHIB is bearish as buyers were unable to sustain the price above the $0.00001000 resistance level.
- SHIB is currently valued at $0.00000942 and may retest the previous support level of $0.00000870 if the bears break the 50-day SMA.
- The price bars of SHIB are trapped between the moving average lines, indicating a trading range, and are currently falling below these lines on the 4-hour chart.
- Key resistance levels for SHIB are at $0.00001200, $0.00001300, and $0.00001400, while key support levels are at $0.00000600, $0.00000550, and $0.00000450.
Despite its recent decline, Shiba Inu remains an interesting cryptocurrency to watch as it continues to navigate market trends and investor sentiment.
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