Shiba Inu Falls To $0.00001000 And Risks Further Price Decline

Mar 25, 2023 at 10:08 // Price
Coin Idol
Shiba Inu price is still moving within the bearish trend zone

Shiba Inu (SHIB) price is still moving within the bearish trend zone. The 21-day line SMA and resistance at $0.00001100 have both slowed the upside.

Shiba Inu price long-term forecast: bearish

SHIB is currently trading at $0.00001065 with buyers struggling to keep the price above the $0.00001100 resistance level. Selling pressure is easing as it approaches the previous low of $0.00000985. If the cryptocurrency price breaks the existing support, the market will fall to its low of $0.00000833 or the 2.0 level of the Fibonacci extension. If the current support holds against it, the selling pressure will ease. The rising trend could continue. However, if the altcoin holds above the current level, SHIB will rise and overcome the resistance at $0.00001100. The bullish momentum will eventually reach the 50-day line SMA. SHIB will resume its uptrend when the 50-day line SMA is broken. 

Shiba Inu indicator analysis

SHIB remains vulnerable due to its Relative Strength Index of 44 for the period 14. This suggests that the altcoin is vulnerable to further declines into negative territory. The price bars are below the moving average lines, indicating a possible decline. If the stochastic value on a daily basis is above the threshold of 40, the altcoin is in a bullish momentum.

SHIBUSD_(Daily Chart) - March 24.23.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?

SHIB is still falling below the moving average lines. Currently, the cryptocurrency's value oscillates between $0.0001000 and $00001100. The market will change if these levels are broken. Currently, it is turning sideways.

SHIBUSD(4 Hour Chart) - March 24.23.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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