Shiba Inu Price on a Downward Spiral: Critical Price Levels That Could Trigger a Rebound or Further Drop!

The Shiba Inu price has been exhibiting a downward trend on the 4-hour chart, with recent closing prices reflecting a steady decline from $0.00002327 to $0.00002312. This consistent drop indicates that bearish sentiments currently dominate the market.

The 9 EMA is showing a downward slope, currently positioned at $0.00002344, indicating short-term bearish momentum. Similarly, the 20 EMA, now at $0.00002400, further confirms the bearish outlook as it continues to trend lower. The convergence of the 9 EMA and 20 EMA without any sign of reversal suggests that selling pressure is likely to persist in the near term.

The MACD indicator reinforces the bearish sentiment, and has been consistently below the signal line. This suggests decreasing bearish momentum. However, the continuous negative MACD values indicate that the downtrend might still have some room to continue before a potential reversal.

The RSI values have been hovering around the low 30s, currently at 31.63, indicating that SHIB is approaching oversold conditions. This could be an early sign of a potential short-term rebound as buyers might step in to capitalize on the lower prices. However, the RSI alone does not confirm a trend reversal, and it should be used in conjunction with other indicators.

Support levels to keep an eye on are at $0.00002298, $0.00002252, and $0.00002237. A break below these levels could signal further downside potential, providing entry points for short positions. On the upside, resistance levels are marked at $0.00002340, $0.00002352, and $0.00002360. A decisive break above these levels, accompanied by increased volume, might indicate a potential reversal and a good entry point for long trades. $SHIB #SHIB #MemeWatch2024 #altcoins #TrendingPrediction #ShibaInu
The full analysis and trade strategy were originally posted on ecoinimist.com.