The price of Shiba Inu (SHIB) continues to hover above the current support of $0.00001271.
Shiba Inu price long-term prediction: bearish
On August 5, the altcoin reached a low of $0.00001079 before recovering. The bulls halted the downtrend and started a rally above the $0.00001270 support but below the moving average lines.Â
However, the price indication has predicted a probable fall in the cryptocurrency. The upside is uncertain as it faces resistance at the 21-day simple moving average line.Â
SHIB will fall to a low of $0.00001079 if the support is broken. The downtrend could continue to the Fibonacci extension of 1.272 or $0.00000884. SHIB is currently at $0.00001347.
SHIB indicator analysis
On the daily chart, the altcoin is consolidating above its current support. The price bars are below the 21-day moving average (SMA). SHIB will fall if it is rejected at the 21-day SMA. The altcoin reaches the oversold area of the market by approaching the $0.00001079 level.
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 declines as it approaches the oversold area of the market. According to the price indications, SHIB will fall and reverse at the 1.272 Fibonacci extension or $0.00000884. The altcoin is now trading above the $0.00001270 support and below the resistance at $0.00001470.
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.
