Cryptocurrency analysts of Coinidol.com report, Shiba Inu (SHIB) prices have reached an inevitable decline.
Shiba Inu price long-term forecast: bearish
Since June 10, the cryptocurrency value has fallen to a low of $0.00000551. The recovery was delayed by resistance at $0.00000800 or the 50-day simple moving average.
At the time of writing, the altcoin is trading at $0.00000723. In an attempt to break above the moving average lines, the cryptocurrency’s price has fallen into a trap. The cryptocurrency is currently trading between the moving average lines. The cryptocurrency has failed to establish a positive trend after being knocked back at the $0.00000800 resistance level. SHIB has fallen above the 21-day line SMA. If the bears break the 21-day line SMA, SHIB will fall back to its previous low of $0.00000551.
Shiba Inu indicator analysis
The crypto asset is at level 43 on the Relative Strength Index for period 14. The altcoin is in decline and could fall further. As it is trapped between the moving average lines, the cryptocurrency asset will continue its sideways movement. It has negative momentum and is below the daily stochastic level of 80. The bearish movement has slowed down.
Technical Indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Important support levels: $0.00000500, $0.00000450, $0.00000400
What is the next move for Shiba Inu?
Shiba Inu is correcting higher as it breaks above the moving average lines. As the altcoin has slipped between the moving average lines, the bullish momentum has been resisted. In the coming days, SHIB is likely to start a move between the moving average lines.
On Jun 24, 2023, Coinidol.com reported that: At the time of writing, the cryptocurrency is trading at $0.00000801. On the downside, the downtrend has come to an end and altcoin is now trading above its previous fluctuation zone.
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.com. Readers should do their own research before investing in funds.
Source: Read Full Article