The price of Shiba Inu (SHIB) has come under renewed selling pressure after breaking the lower price zone and falling to its previous low of $0.0000166.
Long-term forecast for the Shiba Inu price: bearish
SHIB is trading in a range of $0.000021 to $0.000029 before the recent dip. If the bears break the previous low of $0.0000166, the altcoin will fall further to the previous low of $0.000010. On the positive side, it is unlikely that the cryptocurrency will gain further in value. In the meantime, SHIB is currently worth $0.00001701.
Analysis of the Shiba Inu indicator
SHIB’s price bars have reached the historical level of April 13. The altcoin has a bearish crossover and the price bars are below the moving average lines, signaling a further decline in the cryptocurrency. Doji candlesticks dominate the price activity.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What is the next move for Shiba Inu?
SHIB continues its downtrend and aims to break the previous low of $0.0000166. On the 4-hour chart, the bears have broken the current trading range of $0.0000172 to $0.0000190. The bears are hoping to push the altcoin down to $0.000010. However, the upward movement is limited by the moving average lines.
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.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/shiba-inu-bears-break/
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