The price of Shiba Inu (SHIB) continues to decline despite an upward correction.
Shiba Inu price long-term forecast: bearish
Since March 9, the decline has slowed above the $0.00001000 support level. At the time of writing, SHIB is trading at $0.00001088. Last week, the cryptocurrency asset corrected to reach its previous highs. However, the upward movement was slowed down by the 21-day line SMA. SHIB is deteriorating against the current support as a result. If the current support level is breached, the cryptocurrency will continue to fall. On February 9, SHIB changed direction and a candlestick tested the 50% Fibonacci retracement level. SHIB will fall to the 2.0 Fibonacci extension level or $0.00000837 after the correction.
Shiba Inu indicator analysis
SHIB is still vulnerable as it is at level 44 of the Relative Strength Index for period 14. The altcoin has a bearish crossover. The 21-day line SMA crosses below the 50-day line SMA, indicating a sell order. The SHIB price bars are below the moving average, indicating a decline. The altcoin is in a bullish momentum above level 70 of the daily stochastic.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Important support levels: $0.00001100, $0.00001000, $0.00000900
What is the next step for Shiba Inu?
According to the price indicator, SHIB will continue to decline. Selling pressure will become necessary if the bears break below $0.00001000 support. The altcoin is trading in a narrow range as it faces rejection at the high of $0.00001150.
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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://coinidol.com/shiba-inu-risks-decline/
- :is
- 2023
- 70
- 9
- a
- above
- According
- After
- against
- Altcoin
- analysis
- and
- ARE
- AS
- asset
- At
- author
- average
- bars
- BE
- bearish
- Bears
- become
- before
- below
- Break
- Bullish
- buy
- by
- Chart
- Coinidol
- continue
- continues
- corrected
- cryptocurrency
- Current
- daily
- Decline
- Despite
- direction
- down
- Ether (ETH)
- extension
- faces
- Fall
- February
- Fibonacci
- For
- Forecast
- funds
- High
- Highs
- However
- HTTPS
- important
- in
- index
- Indicator
- Indicators
- info
- Inu
- investing
- IT
- ITS
- jpg
- Last
- Level
- levels
- Line
- long-term
- March
- Momentum
- movement
- moving
- moving average
- necessary
- next
- of
- on
- Opinions
- order
- own
- period
- personal
- plato
- Plato Data Intelligence
- PlatoData
- pressure
- previous
- price
- range
- reach
- readers
- Recommendation
- relative strength index
- research
- Resistance
- result
- retracement
- risks
- sell
- Selling
- SHIB
- SHIB Price
- Shiba
- Shiba Inu
- Shiba Inu (SHIB)
- should
- since
- SMA
- Step
- Still
- strength
- support
- support level
- support levels
- Technical
- The
- their
- time
- to
- Trading
- upward
- Vulnerable
- week
- What
- What is
- will
- writing
- zephyrnet
