Shiba Inu Price Falls After Resistance At $0.00001000

Feb 24, 2024 at 18:17 // Price
Coin Idol

The price of Shiba Inu (SHIB) has fallen between the moving average lines. Cryptocurrency price analysis brought by

Long-term forecast for the Shiba Inu price: bearish

The cryptocurrency had previously rallied above the moving average lines, but buyers were unable to sustain the price above the $0.00001000 resistance. The altcoin may have gained $0.00001050.

SHIB is now worth $0.00000942. The decline has continued above the 50-day SMA. If the bears break the 50-day SMA, SHIB will retest the previous support of $0.00000870.

Analysis of the Shiba Inu indicator

SHIB is expected to remain in a trading range as the price bars are trapped between the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall.

Technical indicators

Key resistance levels: $0.00001200, $0.00001300, $0.00001400

Key support levels: $0.00000600, $0.00000550, $0.00000450

SHIBUSD_(4-hour Chart) – FEB.24.jpg

What's next for Shiba Inu?

The 4-hour chart shows that SHIB/USD is falling below the moving average lines. The price of the cryptocurrency has had a series of lower highs and lower lows. The decline has reached the current support level of $0.00000950. It is testing it again, but is pulling back.

SHIBUSD_(Daily Chart) – FEB. 24.jpg reported on February 18 that SHIB was trading below its previous high of $0.00001000 but above the moving average lines. 

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 Readers should do their research before investing in funds.

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