Shiba Inu Coin Poised for Breakout? Indicators Show Bullish Momentum Building

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The Shiba Inu coin price surged over 9% in the past week, but has retraced slightly in the last 24 hours to trade at $0.00002476 at press time.

Shiba Inu Coin Price Overview

In the latest 4-hour chart analysis of Shiba Inu coin, the closing prices show a series of fluctuations, reflecting a market grappling with resistance and support levels. The recent values indicate a market attempting to push through key resistance levels while also facing significant support barriers.

The 9 Exponential Moving Average (EMA) has been slightly above the 20 EMA for most of the past 48 hours, suggesting a modest bullish trend. Additionally, the 9 EMA crossed above the 20 EMA, which is generally seen as a bullish signal, indicating that the market might continue to rise.

Meanwhile, Moving Average Convergence Divergence (MACD) histogram values, which were negative throughout, indicate a bearish divergence. Despite this, the narrowing of the histogram suggests a potential reversal could be on the horizon.

The Relative Strength Index (RSI) values imply a neutral to slightly bullish sentiment. An RSI above 50 typically indicates buying strength, though a slight dip recently suggests caution.

SHIB Approaching Major Resistance

SHIB faces critical resistance at $0.00002507. Breaking above this level with substantial volume could signal a strong bullish trend, targeting higher resistance at $0.00002550. Conversely, failure to breach this resistance could see the price retracing to the support levels at $0.00002475, $0.00002450, and $0.00002442.

For traders considering long positions, an entry point could be identified upon a confirmed breakout above $0.00002507. A stop-loss can then be placed just below the 20 EMA at $0.00002468 to manage risk. Potential exit points for this trade would be at subsequent resistance levels of $0.00002550 and higher.

For those looking at short positions, entering at the current levels with a stop-loss slightly above $0.00002507 might be prudent, aiming for exits near the support levels of $0.00002475 and $0.00002450.

The technical indicators present a mixed sentiment for the Shiba Inu coin on the 4-hour chart, with EMA and RSI suggesting bullish tendencies, while MACD and volume analysis advise caution. Traders should carefully watch the critical levels and employ sound risk management strategies.

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.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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