Shiba Inu Falls At Reunion Low Of $0.000024

Shiba Inu (SHIB) price has fallen above the 21-day moving average line as buyers fail to sustain bullish momentum above the $0.00003300 high.

SHIB price long term forecast: bearish

Shiba Inu (SHIB) price has fallen above the 21-day moving average line as buyers fail to sustain bullish momentum above the $0.00003300 high. During the initial rally, the market rose to a high of $0.00004500 before falling back as the altcoin entered an overbought zone. SHIB has fallen above the 21-day SMA support and could fall further.

If the bears break the 21-day SMA support, the altcoin will fall further to the 50-day SMA or the low of $0.00002400. If the 21-day SMA support holds, SHIB will resume its uptrend and test the $0.00003300 resistance level. A break above $0.00003300 will take the altcoin to its previous high of $0.00004500. SHIB is worth $0.000028 at the time of writing.

Analysis of the Shiba Inu indicator

The price bars are higher than the moving average lines, but the selling pressure could continue. There are extended candle tails running across the moving average lines, indicating significant buying pressure at lower price levels. On the 4-hour chart, the price bars are below the moving average lines, indicating a downtrend.

Technical indicators

Key Resistance levels: $0.00002800, $0.00002900, $0.00003000

Key Support levels: $0.00002200, $0.00002000, $0.00001900

What is the next move for Shiba Inu?

According to analysis by Coinidol.com, on the 4-hour chart, SHIB has resumed its downtrend and has broken below the moving average lines. Selling pressure is likely to continue to the low above $0.00002400. SHIB will drop to the lower half of the chart if it loses the current support at $0.00002400.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.