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The Shiba Inu price pumped over 2% in the last 24 hours to trade at $0.0000278 at press time.
The Shiba Inu Price Attempts to Break Resistance
4-hour chart for SHIB/USDT (Source: TradingView)
The Shiba Inu price indicates a slight upward trend in the short term. The 9 Exponential Moving Average (EMA) values progressed, closely trailing the closing prices, which suggests a bullish sentiment in the immediate term. Similarly, the 20 EMA has shown a gradual increase as well, reinforcing the bullish outlook by confirming the price is generally moving above the average values, indicating sustained buying interest.
The Moving Average Convergence Divergence (MACD) values, which are crucial for understanding momentum, have also presented an optimistic scenario. The MACD line has consistently been above the signal line in the latest observations, with the histogram values growing, indicating strengthening bullish momentum. The RSI (Relative Strength Index) has hovered around the mid-50s, with peaks reaching into the upper 50s, suggesting a relatively balanced market with a slight inclination towards buying pressure.
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Considering the current market structure, the immediate resistance level to watch is at $0.00002793. A decisive breakout above this level could pave the way for SHIB to test further resistance levels at $0.00002982 and $0.00003312. On the flip side, support levels are firmly established at $0.00002646, followed by $0.00002489 and $0.00002475. A breach below these supports could indicate a shift in market sentiment, possibly leading to bearish trends.
Potential Trade Strategies
For traders looking to capitalize on the current market conditions, potential entry points for long positions might be considered around the current support levels, especially if price actions indicate a strong rejection of lower prices. Conversely, should the price struggle to maintain the momentum above the immediate resistance, short positions could be considered, targeting the subsequent support levels.
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In conclusion, the technical analysis of the Shiba Inu price on the 4-hour chart suggests a cautiously bullish outlook, supported by the current price above the EMA values, positive MACD readings, and stable RSI levels. However, the market remains at a critical juncture, with key resistance and support levels close at hand, requiring vigilant monitoring for potential breakout or breakdown scenarios.
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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