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The Shiba Inu price skyrocketed more than 10% in the last 24 hours to trade at $0.00002316 at press time.
Shiba Inu Price Overview
4-hour chart for SHIB/USDT (Source: TradingView)
In the latest four-hour chart analysis of the Shiba Inu price, subtle yet significant movements can be observed that could suggest upcoming trends for traders to watch. Over the recent sessions, closing prices have shown a slight decline followed by recovery.
The exponential moving averages (EMAs) provide crucial insights into market sentiment and potential price movements. The 9 EMA has seen a mild uptick from $0.00002210 to $0.00002226, suggesting a potential stabilization in price after earlier declines. Meanwhile, the 20 EMA indicates a more substantial resistance level around $0.00002263, which the price has recently approached but not consistently surpassed.
The Moving Average Convergence Divergence (MACD) reveals a nuanced picture. With the MACD line generally moving closer to the signal line and the histogram showing increasing values, this could indicate a strengthening in bullish momentum, albeit still relatively weak.
The Relative Strength Index (RSI) has hovered between 41 and 49, suggesting a lack of strong bullish or bearish momentum. This aligns with the overall sideways movement observed in the price over the past sessions.
From the current analysis, the Shiba Inu price finds itself oscillating around significant resistance and support levels. Resistance is noted at $0.00002259, followed by stronger levels at $0.00002274 and $0.00002340. On the downside, support is forming at $0.00002162, with further supports placed at $0.00002147 and $0.00002110.
For traders considering entry and exit points, the approaching resistance at $0.00002259 offers a strategic position for short trades, potentially taking profits at the support levels of $0.00002162 or lower. Conversely, a solid breakout above the $0.00002274 resistance may pave the way for long positions, targeting the next significant resistance at $0.00002340.
Conclusion
While the current market conditions do not strongly favor either bulls or bears, the mentioned levels and evolving technical indicators suggest that SHIB is at a pivotal point. Traders should monitor these levels closely, along with volume changes and MACD crossovers, to make informed decisions.
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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