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The SHIB price dropped nearly 2% over the past 24 hours to trade at $0.00002152 at press time.
SHIB Price Outlook
4-hour chart for SHIB/USDT (Source: TradingView)
The SHIB price has been displaying a strong bullish momentum on the 4-hour chart, supported by key technical indicators. Over the past few candles, the memecoin has seen a series of higher closing prices, indicating bullish sentiment in the market. This upward movement suggests growing buying pressure among traders.
The Exponential Moving Averages (EMAs) further confirm the bullish outlook. Both the 9 EMA and the 20 EMA have been steadily rising, with the 9 EMA consistently above the 20 EMA. This crossover and the widening gap between the two EMAs signal a strengthening bullish trend.
Additionally, the Moving Average Convergence Divergence (MACD) indicator supports the bullish sentiment. The MACD line remains above the signal line, with the histogram showing positive values. This configuration suggests that buying pressure is outweighing selling pressure, indicating further upward movement may be likely.
SHIB Currently Overbought
The Relative Strength Index (RSI) stands at elevated levels, indicating overbought conditions. While this could suggest a potential reversal or consolidation, it’s important to note that in strong trending markets, RSI can remain overbought for extended periods.
Considering potential support and resistance levels, the SHIB price has established significant support around $0.00001893, followed by $0.00001467. These levels could provide buying opportunities if the price retraces. Meanwhile, the immediate barrier is at $0.00002428.
For traders considering long positions, potential entry points could be near the current price levels or on a pullback towards the aforementioned support levels. On the other hand, short-term traders might consider taking profits near resistance levels or if the RSI indicates extreme overbought conditions.
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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