Shiba Inu Price Rally Ends And Drops

The price of Shiba Inu (SHIB) is still above the moving average lines, but the uptrend has stopped at $0.00004500 on March 5, 2024.

Long-term forecast for the Shiba Inu price: bullish

On March 5, the altcoin reached a high of $0.00004547 before being pushed back. SHIB saw a sharp decline and bottomed out above the support of $0.00002000. In other words, SHIB is currently trading between $0.00002000 and $0.00004500.

The altcoin is declining but consolidating above the support of $0.00003400. The value of the altcoin currently stands at $0.00003441. It is predicted that the cryptocurrency value will continue to fluctuate within its range for a few more days. The current rally will end when the bears drop below the 21-day SMA.

Analysis of the Shiba Inu price

On the 4-hour chart, the price bars are above and around the 21-day SMA. The selling pressure will increase again if the price falls below the 21-day SMA and the bearish momentum continues. The price movement is slow due to the doji candlesticks.

Technical indicators

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

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

What is Shiba Inu’s next move?

On the 4-hour chart, the altcoin is hovering in the middle of the price range of $0.00002000 to $0.00004500. The price bar is about to fall below the 21-day SMA. A break below the 21-day SMA will lead to a further decline in the cryptocurrency. The altcoin will reach a low of $0.00003000.

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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