Shiba Inu Continues Its Slide After Being Rejected At $0.00001100

Aug 27, 2023 at 14:00 // Price
Coin Idol
SHIB/USD is trading sideways after the end of the downtrend

Cryptocurrency price analysis brought by The price of Shiba Inu (SHIB) is falling below the moving average lines.

Shiba Inu price long term forecast: bearish

The price of the cryptocurrency fell to a low of $0.00000728 as the bulls bought the dips. After the drop, the 50-day line SMA stopped the uptrend. The bulls were rejected twice at the last high.

At the time of writing, the market has fallen to a low of $0.00000806. SHIB is down after being rejected at the recent high. On the downside, the altcoin will fall even further to its previous low of $0.00000740. Moreover, the altcoin is in a downtrend and could fall further.

Shiba Inu indicator analysis

SHIB has fallen to the relative strength index value 42 for the period 14. The altcoin is in a bearish trend and is likely to fall further. The price of the cryptocurrency may fall as the price bars are below the moving average lines. The daily stochastic of the alternative currency is rising above the level of 25. The horizontal trend has maintained the upward trend.

SHIBUSD_(Daily Chart) – AUG. 27.23.jpg

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/USD is trading sideways after the end of the downtrend. The altcoin is trading above the support level of $0.00000800. The sideways trend might continue as the rising moves were slowed down by the moving average lines. Meanwhile, SHIB continues to consolidate above the current support.

SHIBUSD_ (1 Hour Chart) – AUG.27.23.jpg

Last week reported that the rally that started on August 12 has ended and the altcoin reached a high of $0.00001135. The altcoin has reached the overbought area of the market, which has led to this decline. 

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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