The price of Shiba Inu (SHIB) fell below the moving average lines on January 3rd. Price analysis by Coinidol.com.
Long-term forecast for the Shiba Inu price: bearish
The altcoin fell rapidly during the first dip, reaching a low of $0.00000833. The cryptocurrency recovered from its price drop on January 3.
However, there is now resistance to the recovery. The moving average lines and resistance at $0.00001050 have resisted the upward correction.
Today, SHIB hit a new low of $0.00000976, signaling the start of a new downtrend. The altcoin will fall below the current support level of $0.00000890 if the selling pressure does not stop. However, SHIB will be forced into a trading range between the prices of $0.00000890 and $0.00001050 if the current support at $0.00000890 holds. The ongoing decline has now stopped.
Analysis of the Shiba Inu indicator
On both charts, the price bars are between the moving average lines, indicating potential volatility in the cryptocurrency. The extended tails of the downward candles indicate that there is significant buying pressure near the support level of $0.00000833.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What’s next for Shiba Inu (SHIB)?
The moving average lines are no longer above SHIB/USD. The altcoin has reached bearish exhaustion as it continues to fall. Currently, SHIB is trading between $0.00000870 and $0.00001050. The altcoin has fallen back to the middle of the range. As long as the price bars are between the moving average lines, there will be limited price movement.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.
Source: https://coinidol.com/shiba-inu-price-recovery-stops/