The price of Shiba Inu (SHIB) has been gradually declining since falling below the current support of $0.00001200.
SHIB price long term forecast: bearish
The cryptocurrency price remained range-bound above the $0.00001200 support but below the moving average lines. The altcoin declined on June 11 as the 21-day SMA continued to resist it. SHIB hit a low of $0.00001140 today, breaking through the existing support. In the negative direction, SHIB will continue to move above the existing support level of $0.00001100.
However, the negative trend will continue if the current support, which is at a low above $0.00001000, is broken. The current value of the altcoin stands at $0.00001174.
Shiba Inu indicator analysis
SHIB is trading in the downtrend zone as its price bars remain below the moving average lines. The presence of the Doji candlesticks is causing the price of the cryptocurrency to move gradually. There is a downward trend indicated by the moving average lines.
Technical indicators
Key Resistance levels: $0.00002800, $0.00002900, $0.00003000
Key Support levels: $0.00002200, $0.00002000, $0.00001900
What is the next move for Shiba Inu?
SHIB is trading in a narrow range after dropping below the $0.00001100 support since June 13. The negative trend has twice retested the low of $0.00001140 before retreating.
Currently, the altcoin is trading below the 4-hour chart’s moving average lines and above $0.00001140.
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 CoinIdol.com. Readers should do their research before investing in funds.
