Cryptocurrency Analysts Predict Bearish Future for Shiba Inu Price
The price of Shiba Inu (SHIB) has entered a bearish trend and has already reached the expected decline. The coin dropped to its previous low of $0.00000698, which was recorded on September 11. Previously, SHIB’s price ranged between $0.00000710 and $0.00000760, with buyers unable to sustain it above the peak of $0.00000760.
On October 9, the bears broke the current support, causing SHIB to reach a low of $0.00000672. According to price indicators, SHIB is expected to continue declining until it reaches the 1.272 Fibonacci extension level or $0.00000635. However, historical data suggests that the altcoin may retest this level before starting to rise again.
Shiba Inu Indicator Analysis
Previously, moving average lines were setting the price bars for SHIB. However, the bears have pushed the price bars below these moving average lines, signaling a decline in price.
Technical Indicators
Key resistance levels for SHIB are set at $0.00001200, $0.00001300, and $0.00001400, while key support levels are at $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
Shiba Inu is currently at the bottom of the chart and has returned to its June 14 price level. The altcoin is facing resistance at the 21-day line SMA in the lower time frame, which suggests it will experience a further drop before potentially returning to its previous highs.
On October 2, SHIB reached a high of $0.00000803 before quickly falling below the moving average lines. Today, it hit a low of $0.00000713.
Hot Take: Shiba Inu Price Faces Bearish Trend
The price of Shiba Inu (SHIB) has entered a bearish trend and has already reached its expected decline. Despite attempts by buyers to keep the price above certain levels, SHIB has experienced a downward trajectory. Technical indicators and moving average lines indicate further decline in price. However, historical data suggests that SHIB may retest its previous lows before rising again. It remains to be seen whether SHIB can regain its previous highs.
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