Shiba Inu Targets $0.00000635 As It Faces Bearish Exhaustion

Oct 22, 2023 at 08:06 // Price
Coin Idol
Shiba Inu corrects upwards in its current range

Cryptocurrency price analysis brought by The price of Shiba Inu (SHIB) fell on October 9 and a new price range was set.

Shiba Inu price long term forecast: bearish

On October 9, the cryptocurrency plunged to a low of $0.000000672 and began a range-bound movement. The cryptocurrency is now trading between $0.00000670 and $0.00000710. For the past two weeks, the current range has been in effect. If the level of the trading range is broken, the cryptocurrency will resume its trend. For example, if the current support level of $0.00000670 is broken, the altcoin will fall but reverse at the 1.272 Fibonacci extension or $0.00000635. In the meantime, altcoin corrects upwards in its current range.

Shiba Inu indicator analysis

The moving average lines are above the price bars and serve as resistance lines. For example, the moving average lines rejected the upward movement on October 2 and October 16. The moving average lines are horizontal in the lower time frame and indicate a sideways trend.

SHIBUSD_(Daily Chart) – OCT. 20.23.jpg

Technical indicators

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

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

What is the next development for Shiba Inu?

Shiba Inu prices are expected to continue to fall based on the price forecast. The Fibonacci tool predicts that SHIB/USD will fall but then reverse at the 1.272 Fibonacci extension level or $0.00000635. The market is close to the predicted price levels based on price activity.

SHIBUSD (4 Hour Chart) – OCT. 20.23.jpg

Last week reported that the coin has reached the expected price decline by reaching the previous low of $0.00000698, which was reached on September 11. Previously, the price of SHIB was limited to a range between $0.00000710 and $0.00000760. 

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 Readers should do their research before investing in funds.

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