Shiba Inu Tests The Low Of 0.00000776 And Holds Above The Historical Price Level

Jun 10, 2023 at 08:16 // Price
Coin Idol
Shiba Inu is now at the bottom of the chart

The price of Shiba Inu (SHIB) has fallen despite an earlier price forecast.

Shiba Inu price long-term forecast: bearish

On June 5, the bears broke the current support at the level of $0.00000834. The cryptocurrency asset has currently fallen to a low of $0.00000802. A previous price forecast for SHIB predicted that the price will fall to the 1.272 Fibonacci extension level or $0.00000823 level before reversing. Shiba Inu has generally moved towards the oversold part of the market. It is a bad sign that altcoin is currently testing its historical price level of December 28, 2022. The cryptocurrency value started to rise above the $0.00000776 support on December 28, 2022. 

Shiba Inu indicator analysis

The altcoin is fluctuating at the bottom of the chart. Currently, it is in a bullish momentum above level 50 of the daily stochastic. The upward correction encounters the resistance of the 21-day line SMA. SHIB has fallen to the level 27 of the Relative Strength Index for the period 14. The cryptocurrency is bearish as the price bars are below the moving average lines. 

SHIBUSD(Daily Chart) – June 9.23.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 step for Shiba Inu?

Shiba Inu is now at the bottom of the chart. The cryptocurrency returned to its previous price level on December 28, 2022. SHIB has been trading above the current support for the past four days. The oversold zone of the market for the altcoin has been reached.

SHIBUSD_(4 –Hour Chart) – June 9.23.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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