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The Shiba Inu price printed a slight gain in the last 24 hours to trade at $0.00002971 at press time.
The Shiba Inu Price Trying to Challenge Resistance
4-hour chart for SHIB/USDT (Source: TradingView)
In the dynamic world of cryptocurrency trading, the Shiba Inu price has shown intriguing movements on the 4-hour chart. The recent trading sessions have exhibited a notable upward trajectory with closing prices moving from $0.0000287 to a high of $0.00003105 before a slight retraction to $0.00002986. This pattern suggests a bullish sentiment in the market, albeit with a degree of volatility that warrants a cautious approach.
The 9 EMA (Exponential Moving Average) values, which have incrementally risen to $0.00002927, consistently remain above the 20 EMA values, which also show a steady increase. This configuration typically indicates a bullish market environment, as the shorter-term EMA remains above the longer-term EMA, highlighting sustained buying interest.
$BONE futures are now live on @LBank_Exchange. Exciting news, but remember, margin trading involves high risks ⚠️ DYOR & trade responsibly #SHIBARMY https://t.co/OjwCG2EjWG — Shib (@Shibtoken) March 26, 2024
The increasing MACD (Moving Average Convergence Divergence) values, alongside a growing histogram, underscore a strengthening momentum for SHIB. Notably, the latest readings suggest that the upward momentum is gaining strength, potentially paving the way for further price increases.
The RSI (Relative Strength Index) readings have also provided valuable insights, moving from 57.37 to a peak of 70.44 before settling at 60.18. An RSI above 50 typically indicates a bullish market, and the peak above 70 suggests that the asset was temporarily overbought, leading to the recent price retraction. However, the RSI stabilizing above 50 maintains a bullish outlook.
Looking ahead, traders should closely monitor the resistance levels at $0.00003312, $0.00003368, and $0.00003457. A sustained break above these levels could signal continued bullish momentum, potentially opening up further gains. Conversely, support levels at $0.00002865, $0.00002794, and $0.00002751 should be watched as potential zones where price pullbacks might find a floor, offering attractive entry points for buyers.
Possible Trade Strategies
Given the current bullish indicators, potential entry points for long positions could be considered on any retracements towards the key support levels, with a close eye on the 9 EMA for continued support. For those considering short positions or to hedge existing long positions, a cautious approach would be advised, possibly waiting for signs of a definitive trend reversal, such as the 9 EMA crossing below the 20 EMA or a significant drop in trading volumes.
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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