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The Shiba Inu price pumped more than 6% in the last 24 hours to trade at $0.00003195 at press time.
The Shiba Inu Price Breaks Resistance
4-hour chart for SHIB/USDT (Source: TradingView)
In the digital asset space, the Shiba Inu price has been showcasing notable movements, especially when observed through its 4-hour chart. The crypto has seen a gradual uptrend with closing prices moving from $0.00003018 to $0.00003206 in the recent periods. This positive price action is further underpinned by the behavior of the 9 and 20 Exponential Moving Averages (EMAs), both of which have demonstrated an upward trajectory. The 9 EMA, in particular, shifted from $0.00003012 to $0.00003097, while the 20 EMA climbed from $0.00002955 to $0.00003018, signaling a strengthening market.
The Moving Average Convergence Divergence (MACD) indicator has revealed a mixed sentiment. Initially, the MACD values hovered just below the signal line, indicating a bearish sentiment. However, the most recent periods have seen the MACD values surpass the signal line, with the histogram turning positive. This change suggests a shift towards bullish momentum, with the latest MACD value standing above the signal, highlighting increased buying pressure.
The Relative Strength Index (RSI) has progressively increased. It moved from a reading of 56.74 to 65.42, settling in a range that indicates a growing bullish sentiment without veering into overbought territory. This metric suggests that there is room for further upside before the market might consider the asset overvalued.
When considering potential movements against the backdrop of identified resistance and support levels, the Shiba Inu price is currently testing key areas. The immediate resistance at $0.00003312 could pave the way towards the next resistance levels at $0.00003368 and $0.00003457, should the bullish momentum continue. Conversely, support levels at $0.00003189 and $0.00003173 provide a safety net against potential pullbacks, ensuring SHIB has room to stabilize before potentially resuming its upward trajectory.
Possible Trade Strategies
For traders, these dynamics suggest that there are opportunities for both long and short positions. Entry points for long trades could be considered around current support levels, with a close watch on the 9 and 20 EMA for bullish crossovers as confirmation. Short positions, while riskier in a bullish context, could be contemplated should the price break below support levels, with tight stop-loss orders to manage potential reversals.
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. Ecoinomist 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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