Shiba Inu (SHIB) has experienced less selling pressure since May 8 when it hit a low of $0.00000835.
Since May 8, the altcoin has stabilized above the $0.00000835 support but below the $0.00000900 resistance. On May 23, SHIB took an upward correction but was rejected at the 21-day line SMA. The altcoin recorded a sharp decline above the current support before it started to stabilize again. Below the moving average lines, the cryptocurrency is currently trading in a narrow range. If SHIB recovers above the current support, it will move above the moving average lines. The altcoin will reach its high at $0.00001100. If the existing support is broken, the crypto will fall. The market will continue to fall until it reaches a low of $0.00000784.
SHIB is at level 32 of the Relative Strength Index for period 14. As buyers are emerging in the oversold region, the cryptocurrency value has reached this point. The current decline is due to the price bars being below the moving average lines.
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Important support levels: $0.00001100, $0.00001000, $0.00000900
As SHIB approaches the oversold area of the market, bearish exhaustion has occurred. The altcoin is now moving within its range. Selling pressure will increase once the existing support is breached. In the meantime, the altcoin is still consolidating above the current support.
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.