Shiba Inu falls Back To Support Level

Cryptocurrency analysts of Coinidol.com report, the price of Shiba Inu (SHIB) has been steadily declining.

Shiba Inu price long-term forecast: bearish

On September 11, SHIB dropped to the low of $0.00000698 as bulls bought the dips. The upside correction was staved off at the high of $0.00000750. The cryptocurrency is making its final push lower. If the price breaks the current support, the decline will extend to the low of $0.00000635. 

According to the price indication, the altcoin will decline and reverse at the level 1,272 Fibonacci Extension or $0.00000635. The altcoin will be deep in the oversold zone if the altcoin falls to the targeted price level.

However, by September 19, SHIB price reached $0.0000072.

Shiba Inu indicator analysis

SHIB has continued to fall and has reached the level 36 of the Relative Strength Index for the period 14. Further decline will push the altcoin into the oversold zone of the market. Yesterday SHIB fell below the level 20 of the daily stochastic. This indicates that the market is oversold.

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 is about to regain the lower price level at $0.00000551. On June 9, the altcoin hit the previous low of $0.00000551 again and recovered. The altcoin is falling as it approaches the current support at $0.00000698. SHIB may fall when the current support is broken.

Last week Coinidol.com reported that the cryptocurrency asset has been trading in a range over the past week, but the bears have pushed the altcoin into the lower price range. If the current support is broken, the market would fall back to the previous low of $0.00000551. 

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.com. Readers should do their research before investing in funds.