Shiba Inu Coin Set for Volatility as Price Nears Critical Technical Levels
The 4-hour chart for the Shiba Inu coin presents a mixed outlook, with key technical indicators revealing crucial insights into potential price movements. SHIB is currently trading close to significant support and resistance levels, which may play a pivotal role in its next directional move.
Shiba Inu Coin Technical Analysis
Recent closing prices for the Shiba Inu coin have seen a gradual decline, with the asset closing at $0.00001341 in the latest session. This downward trend is testing a critical support level at $0.00001339. Should this level fail to hold, further declines towards the next support at $0.00001320 could be anticipated. On the upside, immediate resistance is seen at $0.00001352, followed by stronger resistance at $0.00001371 and $0.00001385, which could cap any short-term rallies.
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The 9 EMA is currently below the 20 EMA, indicating a bearish short-term trend. This crossover suggests that selling pressure on the Shiba Inu coin is more dominant, and buyers may struggle to regain control unless the Shiba Inu coin price moves above the EMAs. The MACD further supports this bearish outlook, with its MACD line below the signal line, and the histogram turning negative, indicating weakening momentum.
Meanwhile, the RSI has recently dropped below the neutral 50 level, sitting around 34.68, suggesting that the Shiba Inu coin is nearing oversold conditions. While this could lead to a potential bounce in the short term, the overall trend remains bearish unless a strong recovery in momentum occurs.
Potential SHIB Trade Strategy
For traders considering a long position, entering near the current support level at $0.00001339 could be an option, provided there is a confirmation of a bounce and a reversal in momentum. The first target could be set around the $0.00001352 resistance level, with further targets at $0.00001371 and $0.00001385. However, strict stop-loss orders below $0.00001320 are recommended to manage risk in case of further declines.
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For those looking at short positions, a break below $0.00001339 could provide an entry point, targeting the next support at $0.00001320 and potentially $0.00001312 if bearish momentum continues. As always, managing risk with appropriate stop-loss orders is crucial.
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