Cryptocurrency analysts of Coinidol.com report, the price of Shiba Inu (SHIB) is trying to resume its downtrend while falling below the current support level of $0.00000775.
The cryptocurrency has been trading in a range since August 17. On August 29, buyers unsuccessfully tried to keep the price above the $0.00000850 resistance level.
The failure of the bulls to restore an uptrend has led to the collapse of the altcoin. If the bears break the lower price range, the altcoin will fall to its previous low of $0.00000728. However, the price indication forecasts a decline to a low of $0.00000635. SHIB experienced an upward correction during the August 17 downturn, and a candlestick tested the 78.6% Fibonacci retracement level. The correction suggests that SHIB will decline but reverse at the 1.272 Fibonacci extension or $0.00000635.
SHIB's recent decline has pushed it down to the Relative Strength Index 39 level for the 14 period. The altcoin is plummeting and approaching oversold areas of the market. The price bars are below the moving average lines, which has accelerated SHIB's decline. SHIB has reached the oversold zone of the market. The altcoin is trading below the daily stochastic value of 20.
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
SHIB/USD is falling as it approaches the lowest price zone. The market will continue to fall if the lower price is not held. The movement will remain within the trading range if the lower price range remains intact. Doji candlesticks currently dominate the market action, causing the altcoin to move slowly.
As we reported on August 27, the price of the cryptocurrency fell to a low of $0.00000728 as the bulls bought the dips. After the drop, the 50-day line SMA stopped the uptrend.
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.