Shiba Inu Crypto Forecast for August 20th
In the world of cryptocurrency, Shiba Inu (SHIB) is once again under the spotlight. Let's delve into a technical analysis of SHIB's current standing and potential price movements, as of August 19.
The current price of SHIB hovers at $0.00001216, a decrease of 3.71% over the past day. On the hourly chart, SHIB's rate is currently testing the local support of $0.00001204.
The interim zone of focus is the $0.00001150. If the current candle closes around the current price, a test of the $0.00001173 support might occur. However, if the $0.00001150 interim zone breaks out, a potential dump towards the $0.00001050-$0.000011 range could ensue.
From a midterm point of view, SHIB is far from key levels. On the longer time frame, the picture for SHIB remains bearish. If a bounce back does not occur by the end of the day, the decline in SHIB's rate is likely to continue towards the $0.0000190 range.
It's important to note that this price prediction is based on technical chart analysis and market indicators, rather than attributed to an individual analyst.
In the broader cryptocurrency market, most coins have returned to the red zone by the middle of the week, according to CoinMarketCap. This trend could potentially impact SHIB's price movements in the coming days.
This article is a SHIB price prediction for August 19, written by Denys Serhiichuk. Always remember that this analysis is for informational purposes only and should not be taken as financial advice. Cryptocurrency markets are volatile and can change rapidly.
Stay tuned for more updates and insights on Shiba Inu and the broader cryptocurrency market.
