The price of Shiba Inu (SHIB) is fluctuating within a range after falling to a low of $0.00001067 on February 3.
SHIB Price Long Term Prediction: Bearish
On the daily chart, the altcoin is trading below the 21-day SMA barrier or resistance at $0.00001300 but above the support at $0.00001100. The 21-day SMA barrier repelled SHIB today as it started its range-bound trend. The altcoin was rejected twice at the 21-day SMA barrier in the previous price action. The altcoin is retracing to its previous low above the $0.00001100 support.
However, if the negative trend breaks the support at $0.00001100, the altcoin will fall and reach the expected price level of 1.618 Fibonacci extension or $0.00000949.
Analysis of the SHIB Indicator
The moving average lines have dropped significantly at the bottom of the chart. The resistance line of the price bars is the 21-day SMA. The underside of the chart is indicated by the elongated candle tails, showing that there is considerable buying pressure at lower prices.
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?
Since February 3, the altcoin has maintained its position above the $0.00001100 support, reducing selling pressure. The upside is limited below the high of $0.00001300.
According to the price analysis by Coinidol.com, SHIB is trading in a range above the current support. The market has moved sideways since March 11 as the altcoin reaches bearish exhaustion.
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.
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