The price of Shiba Inu (SHIB) is currently trading above the $0.00001200 support at the bottom of the chart.
SHIB price long-term prediction: bearish
SHIB has been trading below the moving average lines and above the $0.00001200 support since the 5th of June.
Following the rejection at the moving average lines, the altcoin is currently trading in the middle of the price range. If SHIB falls below the $0.00001200 support, it will return to its low price above $0.00001050.
On the other hand, if buyers push the price above the moving average lines, the altcoin will return to its previous high of $0.00001700. SHIB is currently trading in the downtrend zone of $0.00001313.
SHIB indicator analysis
The moving average lines at the bottom of the chart are horizontal. The 21-day SMA is below the 50-day SMA support, indicating a decline, and SHIB’s price is moving slowly due to the dominance of doji candlesticks.
Technical indicators
Key Resistance levels: $0.00002800, $0.00002900, $0.00003000
Key Support levels: $0.00002200, $0.00002000, $0.00001900
What is the next move for Shiba Inu?
SHIB is bearish and is encountering rejection at the moving average lines at the bottom of the chart. If the downtrend continues, the current support level of $0.00001200 will be breached. The altcoin will fall back to the previous low above $0.00001000.
Meanwhile, the altcoin is slowly losing price level.
Coinidol.com reported on May 11 that the price of Shiba Inu has fallen to a low of $0.00001313, below its 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.
