The Latest Price Analysis for Shiba Inu (SHIB)
The latest price analysis by the report shows that the price of Shiba Inu (SHIB) is falling below the moving average lines. The altcoin had a rally that ended on August 12, reaching a high of $0.00001135. However, it has now reached the overbought area of the market, leading to a decline in its price.
Main Breakdowns:
- The altcoin is currently worth $0.0000846.
- The price indicator predicts that SHIB will fall, but reverse at the 1.272 Fibonacci extension level or $0.0000624.
- If the bear breaks below the 50-day line SMA, the altcoin will fall and retest the 1.272 Fibonacci extension level.
- SHIB has retreated from the overbought zone to the relative strength index value 45, indicating a potential fall in the altcoin’s value.
- The altcoin might be forced to move within a trading range as it is between the moving average lines.
Technical Indicators
Key resistance levels for SHIB are $0.00001200, $0.00001300, and $0.00001400. On the other hand, key support levels are $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
SHIB/USD is currently falling after a rejection in the overbought zone. However, if the bears fail to break the 50-day line SMA, it will result in a move between the moving average lines. A break below the 50-day simple moving average will increase the selling pressure to the downside. The cryptocurrency asset has a high of $0.00001071, and the bulls are likely to break the $0.00001043 resistance level.
Hot Take:
The price of Shiba Inu (SHIB) is currently experiencing a decline after a period of overbought conditions. The altcoin is expected to fall further, but there is a potential reversal point at the 1.272 Fibonacci extension level. Traders should pay attention to the movement of the altcoin between the moving average lines and the break below the 50-day line SMA, as these factors will determine its future direction.
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