The price of Shiba Inu (SHIB) is now falling after peaking at $0.00001567.
SHIB price long-term prediction: bearish
After reaching a low of $0.00001082, selling pressure eased on March 11, as reported by Coinidol.com. Over the past two weeks, SHIB has been forced to move within a trading range that ran between the $0.00001100 support and the $0.00001500 peak.
Yesterday, the SHIB price dropped lower than ever before and it will continue to fall until it reaches the low of $0.00001100. If the bears break the current support at $0.00001100, SHIB will drop significantly lower to the 1.618 Fibonacci extension or $0.00000949. The price of the altcoin depreciates as it approaches the support at $0.00001200.
SHIB indicator analysis
The price bars have been pinched by the moving average lines and are now below these lines. This indicates that the value of the cryptocurrency could fall. Doji candlesticks, which slow down the price movement, consist of price bars. The moving average lines have sloped significantly downwards on the daily chart.
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?
SHIB has already reached the oversold area of the market. According to the price indicator, SHIB will fall to the low of $0.00000949 or the Fibonacci extension level of 1.618. The altcoin fell after hitting a low of $0.00001067. The altcoin continues to drop today to reach the expected price level.
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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