Shiba Inu Price Analysis: Bearish Forecast Ahead
As of July 2024, the price of Shiba Inu (SHIB) has dropped below the moving average lines and is approaching its previous low from April 13. Here is an analysis of what to expect next:
The Current Situation
Currently, SHIB has fallen to a low of $0.00001714, and there is a possibility of further decline. The price forecast indicates that SHIB might reach a low of $0.00001685 or even $0.00001664. Here are some key points to consider:
- Buyers may be attracted by the previous low of $0.00001664, which could ease selling pressure if the altcoin returns to that level.
Indicator Analysis
When looking at the Shiba Inu indicator, we see the following trends:
- SHIB price bars are currently below the moving average lines.
- Doji candlesticks are reflecting traders’ behavior.
- The horizontal moving average lines are trending downwards.
- Extended candlestick tails indicate strong buying pressure near the low of $0.00001664.
Technical Indicators
Here are some key resistance and support levels to watch out for:
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
Future Developments
Looking ahead, here is what to expect for Shiba Inu based on recent trends:
- On the 4-hour chart, SHIB has dropped significantly to a low of $0.00001634.
- The altcoin corrected higher as bulls bought the dips, but an upside correction was rejected at $0.00001800.
- Currently, SHIB is trading between $0.00001634 and $0.00001800, with potential for further movement based on breaching this range.
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