Shiba Inu Hovers Above $0.00002000 And Threatens To Fall Further

The latest price analysis by Coinidol.com report, the price of Shiba Inu (SHIB) has fallen below the moving average lines.

Shiba Inu price long term forecast: bearish

Since December 19, the altcoin has been trading above the $0.00002000 support but below the 50-day SMA resistance. SHIB is now falling after rejecting an upside correction that peaked at $0.00002400.

Based on the price indication, SHIB is expected to continue lower. If the bears break the $0.00001800 support, SHIB will fall to the 2.0 Fibonacci extension level or a low of $0.00001429. However, the altcoin will continue to fluctuate above its current support level of $0.00002000 until the trend is determined. SHIB is now worth $0.00002312.

Shiba Inu indicator analysis

SHIB is trading in a downtrend with the price bars still below the moving average lines. On the 4-hour chart, the price bars are embedded between the moving average lines. The cryptocurrency price is determined by a small, indecisive candle known as a doji. Over the next few days, the cryptocurrency is likely to remain within its range.

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?

SHIB is predicted to fall as it faces rejection at its high of $0.00002400. The altcoin has been holding in a price range of $0.00001800 to $0.00002400. The price change has been marginal according to Doji candlesticks.

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 in funds.