Cryptocurrency Analysts Report Shiba Inu (SHIB) Price Falling After Rejection at High
The price of Shiba Inu (SHIB) is currently falling after being rejected at a high of $0.00000950. The altcoin has fallen below the moving average lines, indicating the end of the uptrend. However, the decline was halted above the 50-day SMA as the bulls bought the dips. SHIB is currently trading above the 50-day simple moving average but below the 21-day simple moving average, and it is trading at $0.00000819.
Shiba Inu Price Long Term Forecast: Bearish
The price indicator suggests that Shiba Inu will continue to fall. If the bears break below the 50-day SMA, the market will drop to a low of $0.00000670. In the meantime, the altcoin will move between the moving average lines until they are crossed.
Shiba Inu Indicator Analysis
During its decline, Shiba Inu’s price has been stuck between the moving average lines. On November 21, the 50-day SMA supported the cryptocurrency value as it resumed positive momentum. However, on the 4-hour chart, the moving average lines are moving south, signaling a decline.
Technical Indicators
Key resistance levels for SHIB are $0.00001200, $0.00001300, and $0.00001400. Key support levels are $0.00000600, $0.00000550, and $0.00000450.
What is the Next Move for Shiba Inu?
The moving average lines have prevented Shiba Inu from growing, and the price is currently resilient at $0.00000830. The cryptocurrency is expected to trade between the moving average lines for a few days, but it could fall to the downside if the uptrend meets resistance at the recent high.
As reported on November 18, on November 11, SHIB reached a high of $0.00000961 before falling below the $0.00000910 resistance. Further gains are possible if the price remains above the moving average lines.
Hot Take: Shiba Inu Price Falling After Rejection at High
Shiba Inu (SHIB) has experienced a decline in price after being rejected at a high of $0.00000950. The altcoin has fallen below its moving average lines, indicating a potential bearish trend. While it is currently trading above the 50-day simple moving average, further declines are expected. The technical indicators suggest key support levels at $0.00000600, $0.00000550, and $0.00000450. Traders should watch for a potential break below the 50-day SMA, which could lead to a drop to $0.00000670. However, if Shiba Inu manages to stay above the moving average lines, there is a possibility of further gains in the future.
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