Shiba Inu Falls To $0.0000846 As It Reaches Overbought Zone

Aug 20, 2023 at 10:40 // Price
Coin Idol
After the recent decline, SHIB is correcting upwards

The latest price analysis by report, the price of Shiba Inu (SHIB) is falling below the moving average lines.

Shiba Inu price long-term forecast: bearish

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.

At the time of writing, the altcoin is worth $0.0000846. The price indicator predicts that SHIB will fall, but will reverse at the 1.272 Fibonacci extension level, or $0.0000624. Meanwhile, the altcoin is stuck between the moving average lines. If the bear breaks below the 50-day line SMA, the altcoin will fall and retest the 1.272 Fibonacci extension level.

Shiba Inu indicator analysis

SHIB has retreated from the overbought zone to the relative strength index value 45 for the period 14. In the bearish trend zone, the altcoin has the potential to fall. Being between the moving average lines, SHIB might be forced to move within a trading range. The cryptocurrency value is rising above the 50 level of the daily stochastic. After the recent decline, the altcoin is correcting upwards.

SHIBUSD_(Daily Chart) – AUG. 19.23.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 falling after a rejection in the overbought zone. The decline will turn into a move between the moving average lines. This will be the case if the bears fail to break the 50-day line SMA. A break below the 50-day simple moving average will increase the selling pressure to the downside.

SHIBUSD_(4 Hour Chart) – AUG.19.23.jpg

As we reported on August 12, today's high for the cryptocurrency asset is $0.00001071. The bulls are likely to break the $0.00001043 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 Readers should do their research before investing in funds.

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