Table of ContentsToggle
The Shiba Inu price recorded a slight uptick in the last 24 hours to trade at $0.00003046 at press time.
The Shiba Inu Price Bounces Off Support
4-hour chart for SHIB/USDT (Source: TradingView)
In the latest trading sessions, the Shiba Inu price has presented an interesting landscape for traders and investors alike, oscillating through key price points on the 4-hour chart. As of the most recent data, closing prices have shown slight volatility, with figures moving from $0.00003026 to $0.00003039. This slight upward trend is crucial for understanding potential future movements, especially when considered alongside pivotal technical indicators such as the Exponential Moving Averages (EMAs), the Moving Average Convergence Divergence (MACD), and the Relative Strength Index (RSI).
The 9 EMA and 20 EMA trajectories offer a closer look at short-term versus medium-term momentum. Currently, the 9 EMA readings are slightly below the 20 EMA, indicating a potential bearish crossover. This marginal difference might suggest a cooling off of bullish momentum, with prices stabilizing or even retracting slightly in the near term.
Remember when the #SHIBARMY broke Binance? 🤣🫡#SHIBARMYSTRONG https://t.co/OTiS5yC4PU — Shib (@Shibtoken) March 28, 2024
The MACD shows a narrowing gap between the MACD line and the signal line. This is indicative of a potential decrease in bullish momentum. The histogram, negative in the last observations, further supports the possibility of a bearish trend reversal or consolidation phase.
RSI levels, oscillating around the 50 mark, suggest a market in balance but leaning towards bullish sentiment. The latest reading at 51.11 shows slight buying pressure, yet not enough to confirm a strong bullish trend.
Key Levels to Watch
Considering these indicators, SHIB’s potential resistance levels at $0.00003137, $0.00003236, and $0.00003312 will be crucial for traders. A break above these levels could signal a continuation of the upward trend, confirming bullish momentum. On the flip side, support levels at $0.00002991, $0.00002865, and $0.00002794 will be key for bearish scenarios. A drop below these levels could indicate a stronger bearish momentum, presenting potential entry points for short positions.
For long positions, a potential entry point could be identified around the $0.00002991 support level, with an eye on upward movement towards the first resistance. Conversely, short positions might be considered if the price breaks below the $0.00002991 level, targeting further drops towards the next 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.
Comments