Cryptocurrency analysts at Coinidol.com report that the Shiba Inu (SHIB) price has been stuck above the $0.00002000 support since December 20.
Shiba Inu Long Term Price Forecast: Bearish
The altcoin established support above $0.00002000, which was previously a resistance level since September 27. The value of the cryptocurrency should have fallen to the expected price level of the 2.0 Fibonacci extension or a low of $0.00001429. However, the selling pressure eased as the altcoin moved above current support but below the 21-day SMA resistance. Since December 20, neither the rises nor the declines have exceeded the swing range. The bears, on the other hand, have the advantage as the cryptocurrency is trading in a downtrend. A break below the $0.00002000 support would mean a resumption of the downtrend. Shiba Inu will fall to a low of $0.00001429.
Shiba Inu Indicator Analysis
The moving average lines show a bearish crossover, with the 21-day SMA crossing below the 50-day SMA, indicating a downtrend. The altcoin is expected to fall as it consolidates above the $0.00002000 support and rises towards the 21-day SMA resistance. A breakout of the recent high would signal a resumption of the 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 showing a sideways trend above the $0.00002000 support. Price bars are below the moving average lines but above the $0.00002000 support. The appearance of doji candlesticks indicates that traders are uncertain about the direction of the market. The movement within the trading range will continue for a few more days.
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 in any funds.