Shiba Inu Continues To Depreciate And Hold Above $0.00000657

The price of Shiba Inu (SHIB) has dropped significantly and is now at its lowest point on the chart.

Shiba Inu price long term forecast: bearish

The price of the cryptocurrency has fallen below its previous low, which was reached on December 28, 2022. The bearish momentum continued to the low of $0.00000551 as the bulls bought the dips. SHIB is currently trading at $0.00000674. The value of the cryptocurrency is currently between $0.00000500 and $0.00000700. SHIB will rise if the current support holds and buyers manage to overcome the resistance at $0.00000900. The market will fall to its previous low at $0.00000551 if it is rejected at $0.00000700. 

Shiba Inu indicator analysis

The cryptocurrency value has already crossed the oversold zone of the market. It is at level 26 of the Relative Strength Index for the period 14, with price bars below the moving average lines. SHIB continues its downward trend as it is rejected at the 21-day line SMA. The downward momentum of the downward movement has slowed down below the stochastic level of 50 on the daily basis. 

Technical Indicators

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

Important support levels: $0.00001100, $0.00001000, $0.00000900 

What is the next move for Shiba Inu?

Shiba Inu has declined significantly from its previous position at the bottom of the chart. Since June 10, the price of the cryptocurrency has been fluctuating between $0.00000500 and $0.00000700. The direction of the price movement will be determined when the boundaries of the range are broken.

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.

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