Shiba Inu Is In A Range, But Risks Falling Below $0.00002000

Cryptocurrency analysts of Coinidol.com report, the price of Shiba Inu (SHIB) has been stuck above the $0.00002000 support since December 20.

Shiba Inu price long term forecast: bearish

The altcoin has established support above $0.00002000, which was previously a resistance level since September 27. The cryptocurrency value should have dropped to the expected price level of 2.0 Fibonacci extension or a low of $0.00001429. However, the selling pressure has eased as the altcoin has moved above the current support but below the 21-day SMA resistance. Since December 20, neither bulls nor bears have broken above the swing range. The bears, on the other hand, have the advantage as the cryptocurrency is trading in a downtrend. A break below the $0.00002000 support would mean a resumption of the downtrend. Shiba Inu will fall to a low of $0.00001429.

Shiba Inu indicator analysis

The moving average lines show a bearish crossover, with the 21-day SMA breaking below the 50-day SMA, indicating a downtrend. The altcoin is expected to fall as it consolidates above the $0.00002000 support and rises towards the 21-day SMA resistance. A break of the recent high would signal a resumption of the downtrend.

Technical indicators

Key Resistance levels: $0.00002800, $0.00002900, $0.00003000

Key Support levels: $0.00002200, $0.00002000, $0.00001900

What's the next move for Shiba Inu?

On the 4-hour chart, SHIB shows a sideways trend above the support of $0.00002000. The price bars are below the moving average lines but above the support of $0.00002000. The appearance of doji candlesticks indicates that traders are uncertain about the direction of the market. Movement within the trading range will continue for a few more days.

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.