Shiba Inu Is Bound To An Area And Fights Against The $0.00002400 Barrier

Cryptocurrency analysts of Coinidol.com report, Shiba Inu (SHIB) price action remained steady after the December 20, 2024 price decline.

Long-term Shiba Inu price prediction: bearish

Bulls started an advance above the $0.00002000 support and below the moving average lines or resistance at $0.00002400 after buying at the low of $0.00001857.

In the last three weeks, the altcoin has been unable to break above the barrier at $0.00002400.

However, the price indication foresees a further decline in the cryptocurrency. Should the bears break the key support at $0.00002000, SHIB will fall to the 2.0 Fibonacci extension level or a low of $0.00001429. SHIB is still range bound, currently at $0.00002169.

Shiba Inu indicator analysis

Since December 20, the price has remained stable above the support level of $0.00002000, but below the moving average lines. The doji candlesticks have dominated the price action and slowed it down. The moving average lines have remained horizontal despite the sideways movement.

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?

The 4-hour chart shows SHIB trading above support at $0.00002000 and below resistance at $0.00002200. The barrier at $0.00002200 has halted the uptrend. The price of the cryptocurrency remains stable, but it is fluctuating below the recent high.

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.