Shiba Inu Reaches Oversold Region And Remains Above $0.00000834

May 13, 2023 at 11:24 // Price
Coin Idol
SHIB is bearish as the market is oversold

Shiba Inu's (SHIB) cost has dropped significantly as it approaches the lowest selling price.

Shiba Inu price long term forecast: bearish

The cryptocurrency's value dropped to $0.00000857 on May 11. SHIB reached a high of $0.00000884 today before correcting upward. The decline was accelerated as buyers failed to keep the price above the moving average lines and the barrier at $0.00001150 on April 19. The altcoin is set to fall and retest its lowest price level of $0.00000776 if the selling pressure continues. Nonetheless, price signs suggest that the market has entered oversold territory. The current decline should settle down once buyers enter the oversold area.

Analysis of the Shiba Inu indicator

SHIB is at level 28 on the Relative Strength Index for the 14 period, with the RSI indicating that the oversold area of the market has been reached by the recent decline. The price bars are well below the moving average lines, which has accelerated the decline. While the altcoin is making a short upward correction, it is in a bullish momentum. It is above the stochastic level of 50 on the daily basis. 

SHIBUSD_(Daily Chart) – May 12.23.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?

SHIB is bearish as the market is oversold. Since May 8, the price has been steadily rising above the May 8 low of $0.00000834. However, the upward correction is rejected at the high of $0.00000900. As a result, the SHIB price will enter a trading range again.

SHIBUSD_(4 –Hour Chart) - May 12.23.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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