After the March 5, 2024 end of the upward trend, the price of Shiba Inu is now in a horizontal direction.

Shiba Inu Price Forecast: Bearish

Altcoin recovered from the previous downturn. The uptrend stopped after it reached the high of $0.00004552. Due to a strong rejection of the recent high, the altcoin dropped abruptly to $0.00002500. Altcoin's current value is $0.00002407. SHIB is trading within a small range between $0.00002100 and $0.00003500, since March 5, 2024. Altcoin's price has been largely stable over the last month.

The price action was dominated mainly by doji candles, which held the price flat. Altcoins are now consolidating over their lower price range.

Shiba Inu indicators: an analysis

The moving average lines have remained horizontal due to the sideways trend. Price bars are lower than moving average lines but selling pressure has eased. A long candlestick tail on April 13, 2024 indicates a significant demand for lower prices.

Technical indicators

Key Resistance Levels: $0.00001200 $0.00001300 $0.00001400

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

What is next for Shiba Inus?

SHIB's trading range has remained the same over the last month. If buyers maintain the price above moving average lines, and the $0.00003500 level of resistance, the uptrend will begin. Altcoins are currently in a downward trend and have reached their lowest price range. The price has moved minimally.

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as a endorsement by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.