Shiba Inu Sinks, But Moves In A Bandwidth

Feb 25, 2023 at 12:00 // Price
Coin Idol
SHIB is stuck in the moving average lines

The price of Shiba Inu (SHIB) is currently in a bearish trend zone.

Shiba Inu price long term forecast: bearish

The crypto price fell below the 21-day line SMA on February 21 , but is now above the 50-day line SMA. The cryptocurrency value bounced around before falling. The rejection of the altcoin at the overbought level of $0.00001500 brought the rise to an earlier close. If the market reaches the oversold area of the market today, the current downtrend has slowed down. Moreover, SHIB is stuck in the moving average lines. For a few days, the cryptocurrency is likely to be forced between the moving average lines. When the moving average lines are crossed, the altcoin will develop a trend. For example, the altcoin will regain a positive momentum when the price breaks above the 21-day line SMA. The altcoin will rise and reach its previous high of $0.00001500 again. 

Shiba Inu indicator analysis

SHIB has fallen to level 49 on the Relative Strength Index for the period 14 due to the recent decline. This indicates that the supply and demand for the altcoin is balanced. SHIB has been holding between the moving average lines, suggesting that the cryptocurrency might be moving in a range. The daily stochastic of the altcoin is above the level of 25. The momentum of the uptrend has slowed down.

SHIBUSD(Daily Chart) - February 24.23.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 step for Shiba Inu?

The value of the cryptocurrency is falling, and it is currently trading between the moving average lines. The altcoin is capped between the moving average lines. The price of the cryptocurrency will change between the moving average lines. The presence of doji candlesticks is likely to stop the downward movement of the price.

SHIBUSD(4 Hour Chart) - February 24.23.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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