Shiba Inu (SHIB) price has fallen below the moving average lines. Cryptocurrency price analysis provided by Coinidol.com.
Shiba Inu Long Term Price Forecast: Bearish
Since December 20, bulls and bears have been fighting for price dominance. The cryptocurrency is trading above the $0.00002000 support level, but below the moving average lines. Today’s declines pushed the price to a low of $0.00002130. SHIB will fall further if the bearish momentum breaks below the $0.00002000 support. The altcoin will fall to the 2.0 Fibonacci extension or a low of $0.00001429. Conversely, SHIB will continue its range-bound trend if the existing support at $0.00002000 remains unbroken.
Analysis of SHIB indicators
Price bars fall below the moving average lines. The cryptocurrency price was previously stuck between the moving average lines. The altcoin is in a downtrend after falling below the 21-day moving average.
The moving average lines are trending downward, indicating a bearish crossover. On the daily chart, the 21-day SMA is below the 50-day SMA, indicating a downtrend.
Technical indicators
Key Resistance Levels: $0.00002800, $0.00002900, $0.00003000
Key Support Levels: $0.00002200, $0.00002000, $0.00001900
What’s next for Shiba Inu?
On the 4-hour chart, SHIB is below the moving averages. The altcoin fell to a low of $0.00002060. The bears are looking to break the $0.00002000 support, which would lead to further declines for the cryptocurrency. If the bulls hold the support at $0.00002000, the price will start increasing within the range.
Disclaimer. This analysis and predictions are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol.com. Readers should do their research before investing.