Shiba Inu Loses Crucial Support At $0.00001664

Jul 09, 2024 at 10:45 // Price
Coin Idol

Cryptocurrency analysts of report, Shiba Inu (SHIB) prices have continued to fall slightly after falling below historical price levels on April 13.

Shiba Inu price long term forecast: bearish

The altcoin's downtrend could continue if it falls below its previous low of $0.00001664. On July 5, SHIB fell to a low of $0.00001273 but recovered. The cryptocurrency is currently trading in a range above the $0.00001300 support but below the moving average lines. SHIB could fall to a low of $0.00000950 if it loses its current support at $0.00001300. On the upside, altcoin's bullish movement will begin if the price climbs above the moving average lines. The altcoin is currently worth $0.00001655 at the time of writing.

Shiba Inu indicator analysis

The bears have broken the previous low of $0.00001664. The support is currently at a resistance level. The rising price action was nipped in the bud by the resistance at $0.00001664 or the 21-day SMA. On the 4-hour chart, the price bars are above the moving average lines but are rejected at $0.00001700.

SHIBUSD_(Daily Chart) – July 8.24.png

Technical indicators

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

Key support levels: $0.00000600, $0.00000550, $0.00000450

What is the next move for Shiba Inu?

On the 4-hour chart, SHIB has continued its downtrend after losing the current support level of $0.00001664. SHIB is trading in a new price range of $0.00001300 to $0.00001700. The altcoin is still on a downtrend, but the downtrend has been halted by the moving average lines. If the price falls below the moving average lines and the support level of $0.00001300, the selling pressure will increase again.

SHIBUSD_(4-Hour Chart) – July 8.24.png

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 Readers should do their research before investing in funds.

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