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The SHIB price printed a slight gain in the past 24 hours to trade at $0.00002766.
The SHIB Price Challenging Resistance
1-hour chart for SHIB/USDT (Source: TradingView)
As of the latest data, the Shiba Inu price has exhibited a mixed performance on the 4-hour chart, with fluctuations within a narrow range.
Closing prices over the past five periods have fluctuated, indicating indecision in the market. However, the 9 Exponential Moving Average (EMA) is currently below the 20 EMA, suggesting a short-term bearish sentiment.
The Moving Average Convergence Divergence (MACD) histogram has been predominantly negative, indicating a bearish trend. The MACD line has consistently remained below the signal line, further affirming the bearish outlook.
Relative Strength Index (RSI) values have hovered around the mid-range, indicating a lack of strong buying or selling pressure. However, the recent RSI readings suggest a slightly bearish sentiment, with values ranging from 39.7 to 47.1.
SHIB’s significant support levels include $0.00002719, $0.00002651, $0.00002646, and $0.00002610. These levels may serve as potential entry points for traders looking to initiate long positions or as areas to set stop-loss orders for existing positions.
On the other hand, notable resistance levels for SHIB are observed at $0.00002775 and $0.00002790. These levels may pose challenges for price appreciation and could serve as potential exit points for traders holding long positions.
Potential Trade Ideas
Considering the technical indicators and key levels, traders may formulate their strategies as follows:
Bullish Scenario:
If the Shiba Inu price manages to break above the resistance levels at $0.00002775 and $0.00002790 with convincing volume, it could indicate a reversal in the short-term bearish trend. Traders might consider entering long positions with potential targets at higher resistance levels.
Bearish Scenario:
Conversely, if SHIB breaches the support levels at $0.00002719, $0.00002651, and $0.00002646, it could signify a continuation of the bearish momentum. Short positions could be initiated with potential targets at lower support levels.
Entry and Exit Points:
For long trades, an entry point could be considered upon a confirmed breakout above the resistance levels, with stop-loss orders placed below the nearest support level. Potential exit points may include reaching resistance levels or signs of trend reversal.
For short trades, an entry point could be identified upon a confirmed breakdown below the support levels, with stop-loss orders placed above the nearest resistance level. Exit points may include reaching support levels or signs of trend reversal.
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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