Shiba Inu Is In A Limited Span And Is On The Verge Of An Upswing Or Collapse

Jun 04, 2023 at 10:20 // Price
Coin Idol
Shiba Inu is on the verge of an upswing or collapse

The price of Shiba Inu (SHIB) is dropping below the moving average lines and starting to consolidate again above $0.00000835.

Shiba Inu price long-term forecast: bearish

Since May 8, the downtrend has eased and the altcoin have resumed a sideways pattern. The price signal predicted the end of the downtrend and the possibility of a negative trend reversal. The tool analysis predicts that SHIB will decline but reverse at the 1.272 level of the Fibonacci extension or $0.000009830. According to the price movement, the cryptocurrency value tested the level of the Fibonacci extension of 1.272, but the consolidation has continued above it since then. On the upside, the moving average lines or the barrier at $0.00000900 are keeping SHIB from rising further. The altcoin is now trading in a restricted range between $0.00000900 and $00000835. 

Shiba Inu indicator analysis

SHIB is currently at level 41 of the Relative Strength Index for period 14 as a result of the recent consolidation. The cryptocurrency value continues to move downward and is in a bearish trend zone. Although the daily stochastic is above the level of 75, the cryptocurrency is in an uptrend. If the recent high is rejected, the movement could continue within the trading range. 

SHIBUSD_(Daily Chart) – June 3.23.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?

Shiba Inu has been in a range for only a month. The cryptocurrency will stay in the range due to the existence of Doji candles, indecisive candles with small bodies. The candlesticks are responsible for the current consolidation. They imply that neither buyers or sellers are sure about the price of the market.

SHIBUSD(4 –Hour Chart) – June 3.23.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.

Show comments(0 comments)