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The Shib crypto price jumped over 2% in the last 24 hours to trade at $0.00002467 at press time.
Shib Crypto Technical Overview
In recent trading sessions, the Shib crypto has exhibited notable fluctuations on the 4-hour chart.
The closing prices for SHIB have shown variability, and have struggled around key psychological levels. Notably, the price peaked at $0.00002561 before retracting slightly, suggesting resistance near the $0.00002552 mark. Additionally, the immediate support appears to be forming around $0.00002475, providing a cushion against potential pullbacks.
The 9 Exponential Moving Average (EMA) has gradually ascended from $0.00002400 to $0.00002471. It has also crossed above the 20 EMA, which moved from $0.00002359 to $0.00002412. This crossover is typically a bullish signal, indicating a potential upward momentum as the shorter EMA moves above the longer one.
The Moving Average Convergence Divergence (MACD) values also support a bullish outlook. The MACD line has consistently been above the signal line across the latest periods, with histograms growing in favor, signaling strengthening momentum. These indicators imply that the buying pressure has been increasing, though caution is warranted as the histogram shows slight signs of convergence in the latest period.
The RSI readings have remained mostly in the bullish territory, with values decreasing from 69.33 to 59.84 over the past 24 hours. The peak at 69.33 indicates that the SHIB crypto was nearing overbought conditions, potentially prompting some of the subsequent selling pressure. However, values above 50 generally suggest that buyers still maintain control of the market dynamics.
Potential Trade Ideas
For traders looking to engage with the Shib crypto, potential entry points for long positions could be around the support levels of $0.00002450 and $0.00002430. A breach above the resistance at $0.00002552 could indicate a strong buying opportunity, potentially targeting the next resistance at $0.00002561. Conversely, if prices fall below the support at $0.00002430, this could serve as a strategic point for short positions. Careful stop-loss management should then be employed to mitigate potential rebounds.
Overall, the technical indicators lean towards a cautiously bullish outlook for SHIB in the near term. This is provided it sustains above key support levels. Traders should monitor these levels closely for potential entry and exit points in both long and short trades.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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