Shiba Inu Price Analysis: A Bearish Outlook
The price of Shiba Inu (SHIB) experienced a decline on October 9, reaching a low of $0.000000672. Since then, the cryptocurrency has been trading within a range of $0.00000670 and $0.00000710. This range has been in effect for the past two weeks. If the current support level of $0.00000670 is broken, SHIB will likely fall further but may reverse at the 1.272 Fibonacci extension or $0.00000635. For now, the altcoin is correcting upwards within its current range.
Shiba Inu Indicator Analysis
The moving average lines are currently above the price bars, acting as resistance levels. They have rejected upward movements on October 2 and October 16. In the lower time frame, the moving average lines are horizontal, indicating a sideways trend.
Technical Indicators
Key resistance levels for SHIB are $0.00001200, $0.00001300, and $0.00001400, while key support levels are $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
Based on price forecasts, it is expected that Shiba Inu prices will continue to decline. The Fibonacci tool suggests that SHIB/USD will fall but may reverse at the 1.272 Fibonacci extension level or $0.00000635. The market is currently approaching these predicted price levels based on recent price activity.
Last week, it was reported that Shiba Inu had reached the expected price decline, reaching the previous low of $0.00000698. Previously, SHIB’s price was confined to a range between $0.00000710 and $0.00000760.
Hot Take: Shiba Inu Price Analysis
The price of Shiba Inu (SHIB) has fallen recently and is currently trading within a specific range. Technical indicators suggest a bearish outlook for SHIB, with resistance levels being observed in the moving average lines. Key support and resistance levels have been identified for SHIB. Based on price forecasts, it is anticipated that SHIB prices will continue to decline, potentially reversing at a Fibonacci extension level. Overall, the market for Shiba Inu remains uncertain, and investors should closely monitor its price movements.
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