The price of Shiba Inu (SHIB) has returned to the downtrend zone after rejecting the high at $0.00002017. Price analysis by Coinidol.com.
Shiba Inu price long-term prediction: bearish
The altcoin’s price rise from July 16 has come to a halt, as reported by Coinidol.com previously. The bullish momentum was halted either at the 50-day SMA resistance or the high of $0.00002017. The bears broke below the moving average lines and hit a low of $0.00001585 on July 25. The altcoin corrected higher but was halted by the 21-day SMA resistance.
Now, the setback suggests that SHIB has fallen lower than its current support level. If the current support is breached, the market will drop to a low of $0.00001471. Meanwhile, the value of SHIB is at $0.00001711.
Analysis of the Shiba Inu indicator
The price has fallen after being trapped between the moving average lines for a week. This indicates that the cryptocurrency will continue to fall.
On the 4-hour chart, the price of the cryptocurrency is trapped between the moving average lines. The altcoin will continue to trend sideways to the downside.
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 SHIB?
SHIB/USD sinks below the moving average lines. The altcoin hit a low of $0.00001590 and retested it before continuing to trend higher. However, price indicators suggest that the market will fall further to a low of $0.00001471.
In the meantime, buyers are trying to keep the price above the moving average lines. The rejection of the recent high suggests a resumption of the downtrend.
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.
