Shiba Inu Recovers And Continues Its Rise Above $0.00001084

The price of Shiba Inu (SHIB) has fallen, reaching a low of $0.00001084. Price analysis by Coinidol.com.

The cryptocurrency has fallen into oversold territory in the market. The altcoin pulled back and resumed consolidation above the $0.00001355 support. 

Shiba Inu price long-term prediction: bearish

During the price dip on April 8, a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement suggests that SHIBwill fall but reverse at the 1.272 Fibonacci extension level or $0.00000912. 

On August 5, the altcoin plunged to a low of $0.00001084 and recovered. SHIB fell near the predicted price level but is correcting upwards. The upward movement will begin if the current support holds. At the time of writing, SHIB is now worth $0.00001365.

SHIB indicators analysis 

A long candlestick tail can be seen on August 5, indicating the current support level of $0.00001084. The extended candlestick tail indicates significant buying pressure near the $0.00001084 support level. SHIB has experienced bearish exhaustion.

The moving average lines are trending south, indicating a downturn.

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 Shiba Inu?

SHIB has fallen into the oversold area of the market. On the daily chart, the altcoin is correcting upwards as bulls are buying dips. Meanwhile, the altcoin is trading above the $0.00001325 level and below the moving averages. 

On the upside, the altcoin will resume its positive trend once it crosses the moving average lines. On the downside, further declines are unlikely as the market approaches oversold territory.

Coinidol.com reported on July 29 that the setback suggested that SHIB has fallen lower than its current support level. 

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.