Shiba Inu Falls On Re-Crossing Current Support At $0.00001000

Apr 22, 2023 at 10:11 // Price
Coin Idol
SHIB has dipped into the bearish trend zone and could fall further

The price of Shiba Inu (SHIB) is moving within a narrow range, but falling below the moving average lines.

Shiba Inu price long-term forecast: fluctuation range

Buyers' attempts to break the barrier at $0.00001200 on April 16 were rejected at $0.00001187. The downward momentum has strengthened below the moving lines. In the downtrend zone, the cryptocurrency value will see a further decline. SHIB will retrace and revisit its previous low of $0.00001000. The bears were not able to break the support level at $0.00001000. However, SHIB/USD will start another phase of a sideways trend if the current support remains unbroken. 

Shiba Inu indicator analysis

On the Relative Strength Index for period 14, SHIB is at level 41. The altcoin has dipped into the bearish trend zone and could fall further. The price bars are below the moving average lines, which confirms the negative momentum. The cryptocurrency's value has recently dropped below the daily stochastic level of 50.

SHIBUSD(Daily Chart) - April 21.23.jpg

Technical indicators

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

Key support levels: $0.00001100, $0.00001000, $0.00000900 

What is the next move for Shiba Inu?

Shiba Inu is falling and approaching its previous low of $0.00001000. SHIB completed an upward correction during the April 19 decline, and the candlestick tested the 61.8% Fibonacci retracement level. After the correction, SHIB will fall to the 1.618 Fibonacci extension level or $0.00001043. The altcoin retested the Fibonacci extension on April 20 before it started to move up.

SHIBUSD(4 Hour Chart) - April 21.23.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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