The price of Shiba Inu (SHIB) is displayed at the bottom of the chart.

SHIB price long term forecast: bearish

The price of the cryptocurrency has fallen to its lows three times before rising again. The altcoin is now circling above the support level of $0.00001300.

SHIB has been trading below the moving average lines and above $0.00001300 since February 24. It seems unlikely that the cryptocurrency will fall further. The market will still reach the previous low of $0.00001160 if the bears drop below the current support.

However, if the buyers keep the price above the moving average lines, SHIB will rise again. SHIB is now worth $0.00001327.

Analysis of the SHIB indicator 

The price bars are below the moving average lines and are consolidating. The bottom of the chart is where the moving average lines dip to the south. As the doji candlesticks appear, the altcoin is trading slightly lower. Strong buying pressure is indicated by the long candle tail pointing to support at $0.00001300.

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 SHIB?

SHIB is trading between $0.00001300 and below the moving average lines/resistance at $0.00001500 on the 4-hour chart. The altcoin is rising after finding support above the current level at $0.00001300. The 50-day SMA has so far prevented the upward correction.

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.