Shiba Inu Struggles Above $0.00001700 And Risks Decline

The price of Shiba Inu (SHIB) is facing another setback as it recovers from its previous dip. SHIB had previously recovered and reached a high of $0.00002167.

Long-term forecast for the Shiba Inu price: bullis

Buyers failed to sustain the upside momentum above the $0.00002000 barrier, leading to the drop. The altcoin fell and found support above the 21-day SMA or the low at $0.00001552. If the buyers regain a foothold above the moving average lines, the cryptocurrency will resume its uptrend. 

The altcoin will continue to rise and retest or break through the resistance at $0.00002000. If buyers succeed, the upward momentum will reach a high of $0.00003000. SHIB will drop to a low of $0.00001400 or $0.00001300 if the bears fall below the moving average lines. The value of the altcoin currently stands at $0.00001689.

SHIB indicator analysis

The daily chart shows price bars above the moving average lines despite SHIB's decline. The altcoin could resume its uptrend if it finds support above the moving average lines. The 21-day SMA is above the 50-day SMA, confirming the previous bullish bias.

Technical indicators

Key Resistance levels: $0.00001200, $0.00001300, $0.00001400

Key Support levels: $0.00000600, $0.00000550, $0.00000450

What is the next move for Shiba Inu?

SHIB price has slipped below its moving average lines. The altcoin has fallen to a low of $0.00001696. The slide could continue as the price bars are below the moving average lines. The altcoin will fall to a low of $0.00001600.

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.