Shiba Inu Loses Value As It Falls Into The Bearish Trend Zone

Shiba Inu (SHIB) price has maintained its horizontal trend and is consolidating above the support at $0.00002200 but below the resistance at $0.00002600.

Long-term forecast for the Shiba Inu price: ranging

The presence of doji candlesticks has caused the price action to be stationary. The altcoin has not moved due to its limited range.

On May 20, the altcoin rallied and broke above the moving average lines but was halted by resistance at $0.00002600. Had the buyers been successful, SHIB could have reached a high of $0.00003500. The price of the cryptocurrency has retraced above the moving average lines and has resumed consolidation above the current support of $0.00002200. The currency is currently worth $0.00002469.

Analysis of the Shiba Inu indicator

The 21-day SMA and the 50-day SMA are horizontal, which means that the altcoin is trading outside the moving average lines. The price bars are below and above the moving average lines. On the 4-hour chart, the altcoin is showing a bearish crossover with the 21-day SMA falling below the 50-day SMA. The altcoin is expected to lose value.

Technical indicators

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

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

What's next for Shiba Inu?

SHIB/USD is still in a horizontal trend and trading in a narrow range. On the 4-hour chart, the cryptocurrency is falling below the moving average lines. On the daily chart, however, the price bars remain above the moving average lines. The selling pressure will increase again as soon as the altcoin enters the bearish trend zone on the daily chart.

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.com. Readers should do their research before investing in funds.