Shiba Inu Risks A Decline, But Stabilizes Above $0.00001950

Cryptocurrency analysts of Coinidol.com report, the price of Shiba Inu (SHIB) has been holding steady above the support level of $0.00001950 despite falling below the moving average lines.

Long-term Shiba Inu price prediction: bearish

The decline has stalled above the $0.00001950 support as the altcoin has resumed its consolidation. The altcoin has been trading above the $0.00001950 support and below the $0.00002400 resistance. On the upside, the barrier at $0.00002400 has halted the upward movement three times. 

On the downside, SHIB is expected to fall further but the bulls are defending the current support at $0.00001950. If the current support is breached, SHIB will fall to the 2.0 Fibonacci extension level or a low of $0.00001429. In the meantime, the altcoin is currently worth $0.00001998.

Shiba Inu indicator analysis

Doji candlesticks dominate the price activity of SHIB and slow it down. The altcoin is predicted to decline as the price bars are below the moving average lines. The dominance of doji candlesticks has slowed down the sell-off.

Technical indicators

Key Resistance levels: $0.00002800, $0.00002900, $0.00003000

Key Support levels: $0.00002200, $0.00002000, $0.00001900

What is the next move for Shiba Inu?

SHIB/USD has stabilized above the $0.00001950 support level since January 19. The 21-day moving average line is hindering the upward movement on the 4-hour chart. The altcoin is trading in a limited range, above the $0.00001950 support but below the moving average lines. A break above the 21-day SMA resistance would signal a price rise. A rejection of the 21-day SMA high will force the cryptocurrency to plummet.

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.