Shiba Inu Holds Up Over $0.00002000 As The Bears Continue Their Attack

Shiba Inu (SHIB) price have fallen below the moving average lines. Cryptocurrency price analysis brought by Coinidol.com.

Shiba Inu price long term forecast: bearish

Since December 20, bulls and bears have been battling to dominate the price. The cryptocurrency has been trading above the support level of $0.00002000 but below the moving average lines. Today, the bears drove the price to a low of $0.00002130. SHIB will fall further if the bearish momentum breaks below the $0.00002000 support. The altcoin will fall to the 2.0 Fibonacci extension or to a low of $0.00001429. Conversely, SHIB will continue its rangebound trend if the existing support at $0.00002000 remains unbroken.

SHIB indicator analysis

The price bars are falling below the moving average lines. The price of the cryptocurrency was previously trapped between the moving average lines. The altcoin is in a downtrend after falling below the 21-day moving average.
The moving average lines are trending downwards, indicating a bearish crossover. On the daily chart, the 21-day SMA is below the 50-day SMA, 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?

On the 4-hour chart, SHIB is below the moving averages. The altcoin has dropped to a low of $0.00002060. The bears are looking to break the $0.00002000 support, which would lead to a further decline in the cryptocurrency. If the bulls hold the support at $0.00002000, the price will start to rise within the range.

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