The price of Shiba Inu (SHIB) has recovered from the previous slump but suffered another setback.
Shiba Inu price long term forecast: bearish
On February 26, 2024, the altcoin recovered from its low of $0.00000947 to a high of $0.00004552. Today, the altcoin fell to a low of $0.00001664 as bulls bought the dips. The decline has eased and the altcoin is now trading sideways between $0.00001700 and $0.00003000. The cryptocurrency will resume its uptrend if buyers keep the price above the moving average lines or resistance at $0.00003000. SHIB will reach its previous high of $0.00004552. Currently, SHIB is worth $0.00002230.
Shiba Inu indicator analysis
The price bars have fallen below the horizontal moving average lines. On the 4-hour chart, the price bars are below the downward sloping moving average lines. The 21-day SMA of SHIB is crossing below the 50-day SMA, which is a bearish signal.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What’s the next move for Shiba Inu?
SHIB/USD is currently in a limited trading range, trading above the support of $0.00001700. The price action has been flat in the middle of the price range. The altcoin is now trading between $0.00001700 and $0.00003000 in anticipation of a trend.
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.
