The price of Shiba Inu (SHIB) is steadily falling below the moving average lines, reaching a low of $0.00001079 on August 5. Nevertheless, the price indicator points to a further decline to a low of $0.00000884.
SHIB price long-term forecast: bearish
In the meantime, the altcoin has recovered and resumed its sideways movement above the support at $0.00001300 and the resistance at $0.00001600. On August 24, buyers tried to keep the price above the moving average lines or the resistance level of $0.00001600, but failed.
Today, SHIB has fallen back below the moving averages while hovering above the $0.00001300 support. If this current support is broken, SHIB will fall back to $0.00001079, its previous low. The cryptocurrency will fall to the 1.272 Fibonacci extension or $0.00000884 if the bears break through this barrier.
Technical indicators
Key Resistance levels: $0.00001200, $0.00001300, $0.00001400
Key Support levels: $0.00000600, $0.00000550, $0.00000450
Shiba Inu indicator analysis
After the recent decline, the price bars are below the moving average lines. Further upside for the altcoin is doubtful due to hurdles at the 21-day and 50-day SMAs. The moving average lines are pointing downwards and indicate a negative trend.
What is the next step for Shiba Inu?
SHIB/USD is trading above its lower price range or low at $0.00001300. The altcoin is trading above its lower price range but below the moving average lines. The price movement of crypto assets is determined by whether bulls or bears violate the respective resistance and support levels.
Meanwhile, the altcoin has fallen after being rejected at the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/shiba-inu-bears-try/