Shiba Inu Continues Its Range And Stops Its Slide Above $0.00002200

Shiba Inu (SHIB) prices have been moving in a range since April 13, 2024 when the price dropped.

Long-term prediction of the Shiba Inu price: range

The cryptocurrency has been trading at prices between $0.00002100 and $0.00002900. Since May 21 as reported by Coinidol.com, bulls have struggled to sustain their bullish momentum above the moving average lines. After being rejected at a high of $0.00002900, the altcoin fell below the moving average lines.

On June 7, SHIB quickly fell to a low of $0.00002157, approaching the lowest price area. The trend will continue as the altcoin falls and finds support above the $0.00002100 low. If the current support is broken, the cryptocurrency will fall lower to its previous low of $0.00001664. SHIB is now worth $0.00002311.

Analysis of the Shiba Inu indicator

After the price dip, the SHIB price bars have fallen below the moving average lines. Despite the recent decline, the moving average lines remain horizontally sloped. The extended candle tails indicate a lower price range and signal strong buying pressure.

Technical indicators

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

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

What is the next development for Shiba Inu?

On the 4-hour chart, SHIB has fallen below the moving average lines. The decline is targeting the lowest price level. The bulls have stopped the fall above the $0.00002200 support. However, the downtrend could extend to the previous low of $0.00002100, which has held since April 13, 2024.

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.