Shiba Inu Sinks To Its Price Target Of $0.00001429

The latest price analysis by Coinidol.com report, Shiba Inu (SHIB) prices have continued to fall gradually, reaching the predicted level of $0.00001429.

Shiba Inu price long term forecast: bearish

On January 27, the altcoin fell to a low of $0.00001730 and fluctuated above the current support. The altcoin turned upwards but was rejected at the high of $0.00001969. The price of the cryptocurrency is now below the 21-day SMA but above the current support of $0.00001400. If the price falls below the current support of $0.00001400, SHIB will drop to a low of $0.00001330. Later, the bearish momentum will continue to the low of $0.00001300. 

Shiba Inu indicator analysis

Since December 19, 2024, the price bars have been below the moving average lines as SHIB continued its downward movement. The selling pressure has not abated as the altcoin faces a rejection of the recent high. On the 4-hour chart, the price bars have fallen between the moving average lines, indicating a sideways movement for the cryptocurrency.

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?

SHIB/USD will continue its slide and reach the low of $0.00001400. The upward correction has failed as the altcoin was dumped at the high of $0.00001969. The altcoin’s decline was halted by the 21-day SMA as it was caught by the moving averages lines. On the downside, selling pressure will pick up again if the price falls below the 21-day SMA support.

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. Readers should do their research before investing in funds.