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The Shiba Inu price jumped over 1% in the last 24 hours to trade at $0.00002488 at press time.
Shiba Inu Price Overview
4-hour chart for SHIB/USDT (Source: TradingView)
The Shiba Inu price has been exhibiting fluctuating behavior in the recent trading sessions, as observed on the 4-hour chart. The closing prices have shown a slight volatility with values ranging from $0.00002452 to $0.00002507. The meme coin’s current position relative to both the 9 and 20 Exponential Moving Averages (EMAs) and other technical indicators suggests a nuanced market sentiment.
The closing prices of SHIB have been dancing around the 9 EMA values, which ranged from $0.00002480 to $0.00002490 in the latest periods. This suggests a tentative equilibrium in the short-term price momentum. Meanwhile, the 20 EMA values are consistently higher than the closing prices, from $0.00002506 to $0.00002520, indicating a potential overhead resistance on a broader timescale.
The Moving Average Convergence Divergence (MACD) values have been negative but increasing towards zero, showing a reduction in the bearish momentum. The histograms, albeit negative, are also shrinking, which further supports the notion of decreasing bearish pressure.
The Relative Strength Index (RSI) has remained below the midpoint of 50 in most recent periods, reaching as low as 40.61, which typically indicates bearish momentum. However, a gradual increase toward 47.21 suggests an emerging bullish interest. Volume data shows significant activity spikes, which might imply key market interest at certain price levels or reactions to external market influences.
Key Levels to Watch
Current technical observations suggest the next significant resistance for the Shiba Inu price lies at $0.00002594, followed by higher resistances at $0.00002717 and $0.00002719. On the downside, support levels are identified at $0.00002430, followed by stronger supports at $0.00002385 and $0.00002162.
Given the technical setup, traders might consider monitoring for a potential breakout above the 9 EMA to validate a bullish entry, especially if accompanied by a MACD crossover into positive territory and an RSI push above 50. A conservative approach would be to enter long positions near the lower support of $0.00002430 with stops below $0.00002385, targeting exits near the resistance levels. Conversely, a bearish scenario could see entries on a pullback to resistance levels, with potential short positions aiming for the lower support levels.
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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