Shiba Inu Returns To $0.00000985 Low But Continues Consolidation

Apr 29, 2023 at 07:04 // Price
Author
Coin Idol
SHIB is holding its position above the previous low

The price of Shiba Inu (SHIB) is bearish as it falls below the moving average lines.

Shiba Inu price long term forecast: bearish

The altcoin is likely to fall further as it is in the bearish trend zone. At the time of writing, Shiba Inu is selling for $0.00001016. On the downside, the altcoin continues to trade above the $0.00000985 support since March 9. On April 26, SHIB hit a low of $0.00000977 and the bulls bought the dips.

The candlesticks show a striking long tail after the upward correction. The longer candlesticks indicate strong buying at lower price levels. It will be a challenge for buyers to bring the altcoin back to its previous highs. The bullish momentum will continue if the altcoin price rises above the moving average lines. If the resistance at $0.00001150 is tested again, the uptrend will continue. The cryptocurrency asset will resume its uptrend once it crosses the barrier at $0.00001150. The market will continue to rise and peak at $0.00001350.

Shiba Inu indicator analysis

SHIB is at level 39 of the Relative Strength Index for the period 14. As it tends to decline, SHIB is still in the bearish trend zone. The moving average lines are below the price bars, which adds to the selling pressure. The altcoin is currently in a bearish momentum below the Stochastic daily threshold of 50.

SHIBUSD( Daily hart) - April 28.23.jpg

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?

The crypto asset is in a downtrend as it falls below its previous low of $0.00000985. SHIB is holding its position above the previous low. The market will move back up if the existing support holds. If the bears manage to break the previous low, the altcoin will still fall to a low of $0.00000800.

SHIBUSD(4 Hour Chart) - April 28.23.jpg

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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