The price of Shiba Inu (SHIB) has fallen below the moving average lines but is holding above the $0.00002000 level.
Long-term forecast for the Shiba Inu price: fluctuating
After rejecting the resistance at $0.00002900, the altcoin has fallen to lower price levels. SHIB has a price range of $0.00002000 to $0.00002900. On June 14, the bears broke through the current support at $0.00002000 before retreating.
The price of the cryptocurrency is retesting the previous support, which is now a resistance level. Selling pressure will begin if the cryptocurrency is rejected at its recent high. SHIB will drop to its previous low of $0.00001664. If the altcoin breaks above the $0.00002000 resistance level, it will return to its previous range. At the time of writing, the SHIB/USD exchange rate was at $0.00002056.
Analysis of the Shiba Inu indicator
The horizontal moving average lines are pointing downwards and indicate a trend. The SHIB price bars are below the moving average lines, although they are slightly decreasing due to the doji candlesticks.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What is the next development for Shiba Inu?
SHIB is bearish on the 4-hour chart, with the price of the cryptocurrency making lower highs and lower lows. The 21-day SMA is holding back further upside for the cryptocurrency. If the cryptocurrency breaks above the moving average lines, it will make a new move. The decline could continue if the altcoin loses its current support at $0.00002000.
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-risks/
