Shiba Inu’s (SHIB) price rally has failed for the second time after a dip, according to a cryptocurrency price analysis by Coinidol.com. The long-term forecast for Shiba Inu’s price is bearish, as buyers are finding it difficult to break through the highs of $0.00003400 and $0.00003500. Despite briefly rising above $0.00003300 on Dec. 4, SHIB was unable to sustain the uptrend and entered a sideways movement. Currently, the cryptocurrency is trading above the 21-day SMA support and below the previous high, with a potential correction towards the 50% Fibonacci retracement level at $0.00001429.
Indicator analysis shows that Shiba Inu’s price bars have fallen significantly below the moving average lines, indicating a bearish trend. The moving average lines are pointing downwards, signaling a downturn in the altcoin’s value. On the 4-hour chart, a bearish crossover is observed in the moving average lines, which is a negative signal for investors. Key resistance levels for SHIB are at $0.00002800, $0.00002900, and $0.00003000, while key support levels are at $0.00002200, $0.00002000, and $0.00001900.
Looking ahead, the next move for Shiba Inu could see the cryptocurrency dropping further towards its previous low of $0.00001800 on the 4-hour chart. Price action is characterized by small, indecisive doji candlesticks, which typically slow down price movements. As the current downward trend is expected to continue, investors should be cautious and conduct their own research before making any investment decisions. The analysis and forecast provided in this article are the personal opinions of the author and should not be taken as a recommendation to buy or sell cryptocurrency. Readers are advised to exercise caution and do thorough due diligence before investing in funds.
