Shiba Inu Loses Ground And Continues Its Range-Bound Trend

Oct 24, 2024 at 13:28 // Price

SHIB will change if the moving average lines are broken

The price of Shiba Inu (SHIB) has fallen further above the moving average lines. The bulls and bears are trying to hold above the 21-day moving average as the cryptocurrency continues to lose ground.

Long-term forecast for the Shiba Inu price: bullish

On the downside, the bears have pushed the altcoin below the 21-day SMA. SHIB is above the 50-day SMA support but below the 21-day SMA resistance. It fell between the moving average lines and hit a low of $0.00001711 before recovering. The altcoin is expected to continue its decline to a low above the 50-day SMA or the $0.00001600 support. 

However, if the buyers sustain the price above the 21-day SMA, the altcoin will resume its uptrend. SHIB/USD will reach its all-time highs of $0.00002000 and $0.00002100. The altcoin is currently worth $0.00001792 at the time of writing this article.

SHIB indicator analysis

SHIB has fallen below the 21-day SMA support. The price bars are located between the moving average lines, which causes the cryptocurrency to move in a range between the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating that the previous trend has ended.

Technical indicators


Key Resistance levels: $0.00001200, $0.00001300, $0.00001400

Key Support levels: $0.00000600, $0.00000550, $0.00000450

SHIBUSD_(Daily Chart) – Oct. 24.jpg

What is the next move for Shiba Inu?

The altcoin is forced to trade between the moving average lines on the 4-hour chart in a range-bound pattern. Buyers have failed to sustain the price above the 21-day moving average line. The altcoin is trading above the 50-day SMA support but below the 21-day SMA resistance. SHIB will change if the moving average lines are broken.

On the 4-hour chart, the altcoin is correcting upwards as it recovers its bullish momentum.

SHIBUSD_(4-hour Chart) – Oct.24.jpg

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-loses-ground/