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The Shiba Inu price dropped over 2% to trade at $0.00002681 at press time.
The Shiba Inu Price Bounces off Support
4-hour chart for SHIB/USDT (Source: TradingView)
In the latest technical analysis of the Shiba Inu price on the 4-hour chart, we’ve observed notable movements that signal potential opportunities for traders. Over the past 48 hours, closing prices have shown a slight downward trend. This movement places the cryptocurrency in a delicate position, hovering near critical support and resistance levels that could dictate its short-term trajectory.
Analyzing the Exponential Moving Averages (EMAs), the 9 EMA has experienced a slight decrease, indicating a bearish momentum in the near term. Conversely, the 20 EMA dropped as well. The convergence of the 9 EMA below the 20 EMA further reinforces the bearish sentiment.
The Moving Average Convergence Divergence (MACD) values align with this outlook. The MACD line has been inching closer to the signal line, with the histogram values gradually decreasing, suggesting a weakening bullish momentum. This is corroborated by the Relative Strength Index (RSI), which shows a dip into the 40s, indicating neither overbought nor oversold conditions but leaning towards a bearish bias.
Key Levels to Watch
The current resistance levels are identified at $0.00002775 and $0.0000279, with SHIB facing immediate resistance at $0.00002719. On the flip side, support levels are solidly placed at $0.00002646, $0.0000261, and a more pronounced level at $0.00002599. These levels are critical for traders to monitor, as a break below or above these points could signal significant future price movements.
Considering the technical indicators, the outlook appears bearish in the short term. For traders looking to enter the market, potential entry points for short trades could be considered if SHIB struggles to break above the immediate resistance level of $0.00002719, with an eye on further slippage below the $0.00002646 support level. Conversely, a bullish reversal could be anticipated if the price manages to sustain above the $0.00002719 resistance, potentially targeting the next resistance levels at $0.00002775 and $0.0000279 for long trades.
Entry and exit points should be carefully planned, taking into account the current bearish momentum. Traders might consider setting stop-loss orders below the support levels for long positions and above resistance levels for short positions to manage risk effectively.
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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