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The Shiba Inu price dipped slightly over the last 24 hours to trade at $0.00003403 at press time.
Shiba Inu Price Outlook
4-hour chart for SHIB/USDT (Source: TradingView)
In the last 48 hours, the Shiba Inu price has experienced fluctuations on the 4-hour chart, recording values at $0.00003352, $0.00003286, $0.00003187, $0.00003457, and $0.00003426 respectively in its latest sessions. This shows a mix of bullish and bearish sentiments, with a notable rebound after a dip, indicating a possible indecision in the market sentiment.
The 9 EMA (Exponential Moving Average) and 20 EMA provide insight into the short-term and medium-term momentum. The 9 EMA values are slightly above the 20 EMA values, which suggests a potential bullish crossover. However, the proximity of these EMAs indicates a fragile bullish sentiment that requires further confirmation.
How to bridge Bone from Ethereum Mainnet to Shibarium: a quick and simple guide! pic.twitter.com/vT7CDjswUO — Shib (@Shibtoken) January 30, 2024
The MACD (Moving Average Convergence Divergence) values are hovering just above and below the signal line, indicating a market that is in a state of flux without a clear direction. The histogram values, negative in the latest periods, suggest that bearish momentum is still present, albeit waning.
Bulls Seem to Be Getting Stronger
The RSI (Relative Strength Index) ranges from 44.99 to 54.31. This suggests that SHIB is neither in the overbought nor oversold territory, providing a neutral stance but leaning towards a bullish bias with the latest uptick.
Considering the resistance and support levels, the Shiba Inu price faces immediate resistance at $0.00003607, followed by a more formidable barrier at $0.00004382. On the downside, support levels are found at $0.00003102, $0.00002794, and $0.00001910. These levels are crucial for traders to monitor as breaches or bounces could dictate the next significant price movements.
ICYMI: here’s a recap of the last hours in the Shib ecosystem 🔥 https://t.co/AJSqCElYTj — Shib (@Shibtoken) March 9, 2024
For potential entry and exit points, traders might consider long positions if SHIB shows strong momentum above the 9 EMA and challenges the immediate resistance levels. Conversely, short positions could be considered if the token fails to maintain support levels, especially if accompanied by increasing bearish volume and MACD divergence.
In summary, while technical indicators show a mix of bullish and bearish signals, the current market setup suggests cautious optimism with a keen eye on identified support and resistance levels. Traders are advised to look for confirmation signals and consider volume trends and MACD indicators for potential trading opportunities.
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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