Shiba Inu (SHIB) price is trending lower as it approaches the bottom of the chart. The decline has now reached a low of $0.00001224.

SHIB price long term forecast: bearish

SHIB is nearing its recent low of $0.00001067. The altcoin will drop to the lowest price levels of $0.0000551 and $0.0000715 if the bearish momentum breaks below the previous low of $0.00001067, as reported by Coinidol.com of February 21. 

In the meantime, SHIB has stopped above the $0.00001250 support as it corrects upwards. If the price breaks above the 21-day SMA barrier, the uptrend will resume. If the price falls below the $0.00001250 support, selling pressure will resume. 

At the time of writing, SHIB is at $0.00001311 and correcting upwards.

SHIB indicator analysis

Price action is also constrained by the doji candlesticks, and the 21-day SMA and 50-day SMA have both fallen sharply to the downside. The SMA of the 21-day line serves as resistance for the price bars, and SHIB will continue to fall as long as it is rejected at the SMA of the 21-day line.

Technical indicators

Key Resistance levels: $0.00002800, $0.00002900, $0.00003000

Key Support levels: $0.00002200, $0.00002000, $0.00001900

What is the next development for SHIB?

SHIB has stalled on the 4-hour chart, oscillating between the moving average lines and support at $0.00001250. The 21-day SMA barrier halted the upward movement on March 5. SHIB will initiate a trend reversal if the 21-day SMA barrier or the support at $0.00001250 is broken.

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.