Market
Is Shiba Inu Setting Up for a Bullish Trend After Latest Bounce?
Shiba Inu (SHIB) currently rests at a critical juncture of Golden Ratio support. This juncture poses the question: will the SHIB price rebound bullishly or succumb to a bearish breakout?
There is potential for an upward movement characterized by a bullish bounce. Conversely, there is also the possibility of a bearish breakout. The outcome hinges on how the market responds to this pivotal support level.
Shiba Inu Coin Stabilizes at Golden Ratio Support Level
The SHIB price has remained steady at the golden ratio support around $0.0000205 for the past month, displaying signs of a bullish rebound this month. This suggests a potential initiation of an upward movement.
Moreover, the Moving Average Convergence/Divergence (MACD) histogram on the monthly chart indicates a continued bullish trend, with the MACD lines maintaining a bullish crossover and the Relative Strength Index (RSI) hovering in neutral territory.
Shiba Inu Coin Revisits Golden Ratio: Analyzing the Impact
Currently, the SHIB price appears poised to revisit the Golden Ratio support at approximately $0.0000205. In the weekly chart, the MACD lines are nearing a bearish crossover, while the MACD histogram has been displaying a downward trend for several weeks, signaling a bearish sentiment.
Meanwhile, the RSI indicates neutrality. Should Shiba Inu undergo a bearish breach of the Golden Ratio support at $0.0000205, the subsequent notable support level lies around the 50-week EMA at roughly $0.0000155.
Deeper Correction Ahead for Shiba Inu Coin?
In the daily chart, a bearish crossover has occurred with the MACD lines, and the MACD histogram indicates a downward trend, suggesting a bearish sentiment. However, the RSI is currently in neutral territory.
Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
Moreover, the EMAs maintain a golden crossover, indicating a bullish trend in the short to medium term. Despite this, Shiba Inu faces significant resistance at the 50-day EMA, approximately at $0.000024.
Key Fibonacci resistances lie ahead, around $0.0000288 and $0.000035. Shiba Inu must breach the golden ratio resistance at approximately $0.000035 to negate the corrective movement, continuing its upward trajectory.
Bearish Trend Alert: Death Cross Forms in Shiba Inu’s 4H Chart
Shiba Inu’s 4-hour chart shows a death cross, affirming the short-term bearish trend. Nevertheless, there’s potential for a bullish crossover, as indicated by the MACD lines, supported by the bullish uptick in the MACD histogram.
Despite this, near-term projections suggest Shiba Inu may revert to testing Golden Ratio support levels.
SHIB vs. BTC: Shiba Inu at Key Fibonacci Support Level
In Shiba Inu’s 4-hour chart against BTC, a death cross has emerged, validating the prevailing short-term bearish sentiment. However, Shiba Inu faces notable Fibonacci support at the .382 Fib level.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
This could potentially trigger a bullish rebound for SHIB price from this support level.
Disclaimer
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