Cryptocurrency price analysis brought by Coinidol.com. Shiba Inu (SHIB) price is falling as the bears try to break the previous low of $0.00000728.
The cryptocurrency asset has been trading in a range over the past week, but the bears have pushed the altcoin into the lower price range. If the current support is broken, the market would fall back to the previous low of $0.00000551. The price indicator has indicated further downward movement. That is, SHIB will fall to the Fibonacci extension of 1.272 or $0.00000635. At the time of writing, the altcoin is trading at $0.00000731. On the downside, the market will reverse until it reaches the Fibonacci extension of 1.272 or $0.00000635.
The recent dip in SHIB has taken the altcoin to the Relative Strength Index level of 33 for the 14 period. The cryptocurrency asset has entered the oversold zone of the market. On September 2, the price bars accelerated through the moving average lines, which caused the current decline. The market is in a negative trend below the daily stochastic threshold of 25.
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
SHIB/USD is now in a downtrend with the altcoin targeting the low of the 1.272 Fibonacci extension or $0.00000635. After that, further declines in the altcoin are unlikely as the market will be heavily oversold.
Last week Coinidol.com reported that the cryptocurrency has been trading in a range since August 17. On August 29, buyers unsuccessfully tried to keep the price above the $0.00000850 resistance level.
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 CoinIdol.com. Readers should do their research before investing in funds.