The price of Shiba Inu (SHIB) fell to the bottom of the chart after the price dip on February 3.
Shiba Inu Price long term forecast: bearish
The price of the cryptocurrency fell to a low of $0.00001067 before recovering, and bulls bought the dips to ease selling pressure. As the altcoins corrected higher, the selling pressure was halted above the $0.00001400 support. SHIB is trading above the current support but below the moving average lines.
On the upside, resistance at $0.00001650 has halted the bullish momentum. The uptrend will continue once it breaks above the moving averages and the barrier. If it fails to do so, the move will continue below the moving averages and above the current support at $0.00001400.
The price of SHIB today is $0.00001589.
Shiba Inu indicator analysis
The moving average lines at the lower edge of the chart have decreased significantly. The 12-day SMA is below the 50-day SMA, indicating the cryptocurrency’s decline. On the 4-hour chart, the price bars are fluctuating above and below the moving average lines, indicating a sideways trend.
Technical indicators
Key Resistance levels: $0.00002800, $0.00002900, $0.00003000
Key Support levels: $0.00002200, $0.00002000, $0.00001900
What’s the next move for Shiba Inu?
After a recent dip and a rebound above the $0.00001400 support, SHIB/USD is correcting upwards again. The price of the cryptocurrency has risen above the moving average lines on the 4-hour chart, but the barrier at $0.00001650 has pushed it back. SHIB is trading slightly lower as doji candlesticks form at the bottom of the chart.
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-new-low/