The price of Shiba Inu (SHIB) is moving within a narrow range, but falling below the moving average lines.
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.
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.
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00001100, $0.00001000, $0.00000900
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.
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.