Shiba Inu Holds Above $0.00000850, Bulls And Bears Show Indifference

May 20, 2023 at 09:20 // Price
Coin Idol
Bulls and bears show indifference

The price of Shiba Inu (SHIB) is falling below the moving average lines.

Shiba Inu price long term forecast: bearish

The cryptocurrency fell to a low of $0.00000834 on May 8 before recovering. The cryptocurrency price was stable last week as it resumed consolidation above the current support. SHIB is currently trading at $0.00000870. At the moment, the price action continues to be dominated by Doji candlesticks. The potential decline and reversal in the cryptocurrency was signaled by the price action. SHIB experienced an upward correction during the May 10 decline, and a candlestick tested the 78.6% Fibonacci retracement level. According to the retracement, SHIB will fall but reverse at the 1.272 Fibonacci extension level or the $0.00000803 level. The altcoin has retraced to $0.00000834 level based on the price movement. SHIB is currently forming a consolidation pattern both above and below the moving average lines.

Shiba Inu indicator analysis

On the Relative Strength Index for period 14, SHIB is at level 28. Due to the recent consolidation above the current support, the RSI has not changed. As long as the price bars remain below the moving average lines, the slide will continue. If the daily stochastic exceeds the level of 50, the upward momentum has slowed down. 

SHIBUSD_(Daily Chart) – May 19.23.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 move for Shiba Inu?

SHIB is consolidating above the $0.00000850 support and moving in a range. As long as the Doji candlestick dominates the price action, the crypto will continue to consolidate.

SHIBUSD_(4 –Hour Chart) - May 19.23.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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