Shiba Inu Price Dips After Rally
The price of Shiba Inu (SHIB) has experienced a recent pullback after reaching a peak of $0.00004547 on March 5, 2024. The altcoin saw a sharp decline but managed to find support at $0.00002000. Currently, SHIB is trading within a range of $0.00002000 to $0.00004500.
While the altcoin is in a downward trend, it is consolidating above the support level of $0.00003400, with a current value of $0.00003441. Analysts predict that SHIB’s value will continue fluctuating within this range for the next few days. However, the ongoing rally will come to an end if the bears manage to break below the 21-day SMA.
A closer look at the 4-hour chart reveals that the price bars are still above and around the 21-day SMA. The selling pressure is expected to increase if there is a drop below the 21-day SMA, which could lead to a continuation of bearish momentum. The slow price movement is currently characterized by doji candlesticks.
In terms of technical indicators, key resistance levels for SHIB are at $0.00001200, $0.00001300, and $0.00001400, while key support levels are at $0.00000600, $0.00000550, and $0.00000450.
Looking ahead, it is anticipated that SHIB will fall further, as the altcoin hovers around the middle of the price range of $0.00002000 to $0.00004500. A potential break below the 21-day SMA could lead to a decline with a target low of $0.00003000.
Please note that this analysis and forecast are solely the author’s personal opinions and should not be considered as financial advice. Readers are encouraged to conduct their own research before making any investment decisions.