Shiba Inu Hits $0.00001664 Low And Reaches Bearish Exhaustion

Jul 01, 2024 at 21:31 // Price
Coin Idol
The price bars are doji candlesticks that reflect traders' behavior

The price of Shiba Inu (SHIB) has fallen below the moving average lines and is approaching the previous low from April 13. Price analysis on July 2024 by

Long-term forecast for the Shiba Inu price: bearish

On April 13, the altcoin fell sharply to a low of $0.00001664 before recovering. Today, SHIB has fallen to a low of $0.00001714 and could fall even further. According to the price forecast, the altcoin will fall further to a low of $0.00001685 or $0.00001664.

On the downside, buyers will be attracted by the previous low of $0.00001664. If the altcoin returns to its previous low, selling pressure will ease.

Analysis of the Shiba Inu indicator

The SHIB price bars settle below the moving average lines. The price bars are doji candlesticks that reflect traders' behavior. The horizontal moving average lines are trending downwards. The extended candlestick tails indicate strong buying pressure near the low of $0.00001664.

Technical indicators

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

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

SHIBUSD_(Daily Chart) – June 29.jpg

What is the next development for Shiba Inu?

On the 4-hour chart, SHIB has dropped significantly to a low of $0.00001634. The bulls bought the dips as the altcoin corrected higher. The upside correction is rejected at a high of $0.00001800. The price of the altcoin is now hovering between $0.00001634 and $0.00001800. SHIB will rise or fall if the range is breached.

SHIBUSD_(4-Hour Chart) – June 29.jpg

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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