The price of Shiba Inu (SHIB) continues to decline despite an upward correction.
Shiba Inu price long-term forecast: bearish
Since March 9, the decline has slowed above the $0.00001000 support level. At the time of writing, SHIB is trading at $0.00001088. Last week, the cryptocurrency asset corrected to reach its previous highs. However, the upward movement was slowed down by the 21-day line SMA. SHIB is deteriorating against the current support as a result. If the current support level is breached, the cryptocurrency will continue to fall. On February 9, SHIB changed direction and a candlestick tested the 50% Fibonacci retracement level. SHIB will fall to the 2.0 Fibonacci extension level or $0.00000837 after the correction.
Shiba Inu indicator analysis
SHIB is still vulnerable as it is at level 44 of the Relative Strength Index for period 14. The altcoin has a bearish crossover. The 21-day line SMA crosses below the 50-day line SMA, indicating a sell order. The SHIB price bars are below the moving average, indicating a decline. The altcoin is in a bullish momentum above level 70 of the daily stochastic.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Important support levels: $0.00001100, $0.00001000, $0.00000900
What is the next step for Shiba Inu?
According to the price indicator, SHIB will continue to decline. Selling pressure will become necessary if the bears break below $0.00001000 support. The altcoin is trading in a narrow range as it faces rejection at the high of $0.00001150.
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. Readers should do their own research before investing in funds.
Source: https://coinidol.com/shiba-inu-risks-decline/