Shiba Inu Signals A Decline After Another Rejection At $0.00000830

Nov 25, 2023 at 11:42 // Price
Author
Coin Idol
Shiba Inu will trade between the moving average lines for a few days

Cryptocurrency analysts of Coinidol.com report, Shiba Inu (SHIB) price is falling after being rejected at a high of $0.00000950.

Shiba Inu price long term forecast: bearish

The uptrend has ended as the altcoin has fallen below the moving average lines. The decline was halted above the 50-day SMA as the bulls bought the dips. SHIB is currently trading above the 50-day simple moving average but below the 21-day simple moving average. At the time of writing, it is trading at $0.00000819. Nevertheless, the price indicator suggests that the cryptocurrency will continue to fall. Should the bears break below the 50-day SMA, the market will drop to a low of $0.00000670. In the meantime, the altcoin will move between the moving average lines until the moving average lines are crossed.

Shiba Inu indicator analysis

The price of the cryptocurrency has been stuck between the moving average lines during its decline. During the price decline on November 21, the 50-day SMA supported the cryptocurrency value as it resumed positive momentum. The moving average lines on the 4-hour chart are moving south, signaling a decline.

SHIBUSD_(Daily Chart) – Nov. 24.23.jpg

Technical indicators

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

Key support levels: $0.00000600, $0.00000550, $0.00000450

What is the next move for Shiba Inu?

The moving average lines have prevented the cryptocurrency from growing. With this in mind, the price is resilient at $0.00000830. The cryptocurrency will trade between the moving average lines for a few days. SHIB could fall to the downside as the uptrend meets resistance at the recent high.

SHIBUSD (4 Hour Chart) – Nov. 24.23.jpg

As we reported on November 18, on November 11, the price of SHIB rose to a high of $0.00000961 before falling below the $0.00000910 resistance. Further gains are conceivable if the price of the cryptocurrency remains above the moving average lines. 

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.

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