Shiba Inu Holds Above $0.00001000 And Corrects Upward

Mar 12, 2023 at 09:33 // Price
Coin Idol
Shiba Inu has reached a point of bearish exhaustion

The price of Shiba Inu (SHIB) is still in the downtrend zone.

Shiba Inu price long term forecast: bearish

The cryptocurrency value fell to a low of $0.00000985 on March 9, with the price of the cryptocurrency falling below both the moving average lines and the historical price level of $0.00001089 from January 24. Before falling below this level, the price of the altcoin consolidated above $0.00001089. However, the price decline that started on March 9 is likely to continue until the end of the chart. The price indicator predicts that Shiba Inu will fall even further and reach a low of $0.0000846. However, SHIB has made an upward correction after the March 9 decline, and the uptrend will continue if it breaks above the resistance at $0.00001089 and the moving average lines. At the time of writing, the price of the altcoin is $0.00001089. 

Shiba Inu indicator analysis

SHIB is gradually approaching the oversold zone as the Relative Strength Index for period 14 has reached 33. The altcoin could continue to fall in the bearish trend zone. The SHIB price bars are still below the moving average, which indicates that the price will continue to fall. The altcoin is rising above the value 36 of the daily stochastic.

SHIBUSD(Daily Chart) - March 10.23.jpg

Technical indicators

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

Important support levels: $0.00001100, $0.00001000, $0.00000900 

What is the next step for Shiba Inu?

Shiba Inu has reached a point of bearish exhaustion. If the price stays above the $0.00001000 support level, the downtrend could come to an end. If the current support level is broken, selling pressure will resume. The market will continue to fall to a low of $0.00000846.

SHIBUSD(4 Hour Chart) - March 10.23.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 CoinIdol. Readers should do their own research before investing in funds.

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