The price of Shiba Inu (SHIB) has fallen below the moving average lines and is approaching the previous low from April 13. Price analysis on July 2024 by Coinidol.com.
Long-term forecast for the Shiba Inu price: bearish
On April 13, the altcoin fell sharply to a low of $0.00001664 before recovering. Today, SHIB has fallen to a low of $0.00001714 and could fall even further. According to the price forecast, the altcoin will fall further to a low of $0.00001685 or $0.00001664.
On the downside, buyers will be attracted by the previous low of $0.00001664. If the altcoin returns to its previous low, selling pressure will ease.
Analysis of the Shiba Inu indicator
The SHIB price bars settle below the moving average lines. The price bars are doji candlesticks that reflect traders’ behavior. The horizontal moving average lines are trending downwards. The extended candlestick tails indicate strong buying pressure near the low of $0.00001664.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What is the next development for Shiba Inu?
On the 4-hour chart, SHIB has dropped significantly to a low of $0.00001634. The bulls bought the dips as the altcoin corrected higher. The upside correction is rejected at a high of $0.00001800. The price of the altcoin is now hovering between $0.00001634 and $0.00001800. SHIB will rise or fall if the range is breached.
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 research before investing in funds.
