Shiba Inu Recovers Above Historical Price Level Of $0.00001085

Mar 04, 2023 at 13:00 // Price
Coin Idol
The market area around the historical price level is oversold

The price of Shiba Inu (SHIB) is bearish as it is falling below the moving average lines.

Shiba Inu price long term forecast: bearish

The value of the cryptocurrency fell to a low of $0.00001085 on March 3. Bulls bought the dips as the altcoin began to consolidate back above $0.00001120. The current dip has returned to the historical price level of January 18. The market area around the historical price level is oversold. It is unlikely that SHIB will fall further if it reaches the oversold area of the market. Selling pressure is easing above support at $0.00001120. The positive trend will continue if SHIB rises above the resistance at $0.00001300. Buyers will try to follow their previous path back to the recent high at $0.00001500. A break above the recent high would signal the beginning of a renewed uptrend. 

Shiba Inu indicator analysis

SHIB has fallen significantly as it has reached the 38 level of the Relative Strength Index for the 14 period. The altcoin can fall much further as it approaches the oversold area of the market. The placement of the price bars below the moving average lines indicates that there will be further declines. The daily stochastic is above the level of 30 and moving upwards.

SHIBUSD(Daily Chart) - March 3.23.jpg

Technical indicators

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

Important support levels: $0.00001100, $0.00001000, $0.00000900 

What is the next move for Shiba Inu?

The price of the coin is consolidating above the support of $0.00001120. The upward movement is limited below $0.00001150, the high of the level. The current decline has weakened as the market approached the oversold zone. Doji candlesticks, small irregular candles, were used to monitor price fluctuations.

SHIBUSD(4 Hour Chart) - March 3.23.jpg

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.

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