The price of Shiba Inu (SHIB) continued to fall and reached a low of $0.00001028 on April 7. The bulls bought the dips as it corrected higher.
Shiba Inu price long term forecast: bearish
On the daily chart, SHIB is trading below the moving average lines and above the $0.00001000 support. According to the price forecast on the weekly chart, SHIB is expected to reach the low of $0.00000949 or the Fibonacci extension of 1.618.
The lowest price level is $0.00000949. SHIB’s bullish uptrend has continued today. If the SHIB price breaks the moving average lines on the daily chart, it will return to its previous high of $0.00001500.
The resistance level at $0.00001500 has recently halted the uptrend. The altcoin will continue its move above $0.00001000 and below the moving average lines if it breaks down from the recent high.
SHIB indicator analysis
In the lower part of the chart, the moving average lines have dropped significantly to the south. The resistance lines of the price bars are the 50- and 21-day SMAs. SHIB will resume its positive trend if buyers keep the price above the moving average lines.
Technical indicators
Key Resistance levels: $0.00002800, $0.00002900, $0.00003000
Key Support levels: $0.00002200, $0.00002000, $0.00001900
What’s next for Shiba Inu?
SHIB is currently trading at the bottom of the chart. It is within a new trading range that stretches between the support at $0.00001000 and below the moving average lines or $0.00001500.
The market will start a trend reversal if the range is broken. SHIB is currently encountering its first obstacle at $0.00001258.
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.
