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The Shiba Inu price plummeted over 12% in the last 24 hours to trade $0.00002417 at press time.
The Shiba Inu Price Testing Support
4-hour chart for SHIBA/USDT (Source: TradingView)
In the realm of cryptocurrency trading, where volatility reigns supreme, the Shiba Inu price has been a notable player, capturing the attention of traders with its rapid price movements.
Over the past few trading sessions, SHIB has exhibited a mixed bag of price action, oscillating within a relatively tight range.
Looking at the Exponential Moving Averages (EMA), the 9 EMA has been consistently below the 20 EMA, indicating a bearish sentiment in the short to medium term. Specifically, the 9 EMA values were $0.00002748, $0.00002675, $0.00002635, $0.00002595, and $0.00002566, while the 20 EMA values stood at $0.00002765, $0.00002729, $0.00002705, $0.00002679, and $0.00002657, respectively. This suggests a downward trend in the price momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) histogram has been in negative territory, with the MACD line consistently below the signal line. The MACD values indicate potential further downward pressure on prices.
No borders, just good bois & girls! #SHIBARMY worldwide! Where you at, frens? Drop your Shiba flag below ⬇️ — Shib (@Shibtoken) April 11, 2024
The Relative Strength Index (RSI) has also been signaling bearish conditions, with values hovering below the 50 mark. The RSI values indicate a weakening bullish momentum.
Levels to Watch
Now, let’s discuss potential price movements with respect to key support and resistance levels:
Resistance Levels:
– $0.00002719
– $0.00002775
– $0.00002790
Support Levels:
– $0.00002339
– $0.00002146
– $0.00001969
Given the current bearish sentiment indicated by the technical indicators, traders may consider short positions for SHIB with entry points near the resistance levels and exit points near the support levels. Conversely, for those considering long positions, entry points near the support levels and exit points near the resistance levels could be explored.
However, it’s important to remember that cryptocurrency markets are highly volatile and unpredictable. Traders should conduct thorough research, use risk management strategies, and consider consulting with financial professionals before making any trading 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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