The price of Shiba Inu (SHIB) continues to hover above the current support of $0.00001271.
Shiba Inu price long-term prediction: bearish
On August 5, the altcoin reached a low of $0.00001079 before recovering. The bulls halted the downtrend and started a rally above the $0.00001270 support but below the moving average lines.
However, the price indication has predicted a probable fall in the cryptocurrency. The upside is uncertain as it faces resistance at the 21-day simple moving average line.
SHIB will fall to a low of $0.00001079 if the support is broken. The downtrend could continue to the Fibonacci extension of 1.272 or $0.00000884. SHIB is currently at $0.00001347.
On the daily chart, the altcoin is consolidating above its current support. The price bars are below the 21-day moving average (SMA). SHIB will fall if it is rejected at the 21-day SMA. The altcoin reaches the oversold area of the market by approaching the $0.00001079 level.
Key Resistance levels: $0.00001200, $0.00001300, $0.00001400
Key Support levels: $0.00000600, $0.00000550, $0.00000450
SHIB declines as it approaches the oversold area of the market. According to the price indications, SHIB will fall and reverse at the 1.272 Fibonacci extension or $0.00000884. The altcoin is now trading above the $0.00001270 support and below the resistance at $0.00001470.
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 CoinIdol.com. Readers should do their research before investing in funds.
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