Cryptocurrency analysts of Coinidol.com report, the price of Shiba Inu (SHIB) is bearish and has already reached the expected decline.
The coin has reached the expected price decline by reaching the previous low of $0.00000698, which was reached on September 11. Previously, the price of SHIB was limited to a range between $0.00000710 and $0.00000760. Buyers have unsuccessfully tried to keep the price above the peak of $0.00000760 during the previous month.
The coin reached a low of $0.00000672 on October 9, when the bears broke the current support. The price indicator suggests that SHIB will decline, but that the trend will change at the level of 1.272 Fibonacci extension or $0.00000635. According to the price movement, the altcoin will retest this level before continuing to rise. For instance, SHIB fell to a low of $0.00000645 on June 14 before rising again. The cryptocurrency's value rose to a high of $0.00001135 in August, and at the time of writing, the altcoin is trading at $0.00000686.
Previously, the moving average lines set the price bars for SHIB. The price of SHIB fell even more today as the bears pushed the price bars below the moving average lines. The slowdown of the moving average lines serves as a signal for the decline.
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
Shiba Inu is now at the bottom of the chart. The altcoin has returned to the June 14 price. The altcoin is encountering resistance in the lower time frame at the 21-day line SMA. It will fall as a result and drop once again to its previous lows. SHIB is likely to return to its previous highs.
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.