Shiba Inu Retreats After Failing To Hold Above $0.00000800

Cryptocurrency analysts of Coinidol.com report, Shiba Inu (SHIB) price is falling steadily after being rejected twice at the $0.00000800 resistance level.

Shiba Inu price long term forecast: bearish

The recovery is on shaky ground as SHIB has not yet broken through the resistance and has not yet risen above the moving average lines. On the downside, selling pressure could pick up again if the cryptocurrency's price falls below the moving average lines. At the time of writing, SHIB is trading at $0.00000727.

If selling pressure picks up, SHIB will fall to the current support level of $0.00000650. However, if the current support is broken, the downtrend would continue. The market will then continue to fall to the previous low of $0.00000551. If the current support holds, SHIB/USD will resume its movement between $0.00000650 and $0.00000800.

Shiba Inu indicator analysis

SHIB is at the Relative Strength Index level 42 for the period 14. The altcoin is in a bearish trend and could fall. The price bars have fallen below the moving average lines, indicating that the selling pressure is increasing. The altcoin is losing ground and has reached the oversold zone of the market. It is below the daily stochastic value of 20.

Technical indicators

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

Key Support levels: $0.00000500, $0.00000450, $0.00000400

What is the next step for Shiba Inu?

The Shiba Inu is sinking below the moving average lines. The crypto asset rallied but was pushed back twice. The altcoin could continue its downtrend or be forced into a range-bound move below the recent high. Nevertheless, the current support level has been stable since June 10.

On Jul 01, 2023, Coinidol.com reported that: Since June 10, the cryptocurrency value has fallen to a low of $0.00000551. The recovery was delayed by resistance at $0.00000800 or the 50-day simple moving average.  

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 own research before investing in funds.