Shiba Inu Loses Crucial Support At $0.00001664

Shiba Inu Loses Crucial Support At $0.00001664

Source Node: 2632760
Jul 09, 2024 at 10:45 // Price

Cryptocurrency analysts of report, Shiba Inu (SHIB) prices have continued to fall slightly after falling below historical price levels on April 13.

Shiba Inu price long term forecast: bearish

The altcoin’s downtrend could continue if it falls below its previous low of $0.00001664. On July 5, SHIB fell to a low of $0.00001273 but recovered. The cryptocurrency is currently trading in a range above the $0.00001300 support but below the moving average lines. SHIB could fall to a low of $0.00000950 if it loses its current support at $0.00001300. On the upside, altcoin’s bullish movement will begin if the price climbs above the moving average lines. The altcoin is currently worth $0.00001655 at the time of writing.

Shiba Inu indicator analysis

The bears have broken the previous low of $0.00001664. The support is currently at a resistance level. The rising price action was nipped in the bud by the resistance at $0.00001664 or the 21-day SMA. On the 4-hour chart, the price bars are above the moving average lines but are rejected at $0.00001700.

SHIBUSD_(Daily Chart) – July 8.24.png

Technical indicators

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

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

What is the next move for Shiba Inu?

On the 4-hour chart, SHIB has continued its downtrend after losing the current support level of $0.00001664. SHIB is trading in a new price range of $0.00001300 to $0.00001700. The altcoin is still on a downtrend, but the downtrend has been halted by the moving average lines. If the price falls below the moving average lines and the support level of $0.00001300, the selling pressure will increase again.

SHIBUSD_(4-Hour Chart) – July 8.24.png

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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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