Shiba Inu Faces Resistance: Bearish Trends Prevail Despite Emerging Bullish Signals

The Shiba Inu price has been exhibiting fluctuating behavior in the recent trading sessions, as observed on the 4-hour chart. The closing prices have shown a slight volatility with values ranging from $0.00002452 to $0.00002507. The meme coin’s current position relative to both the 9 and 20 Exponential Moving Averages (EMAs) and other technical indicators suggests a nuanced market sentiment.

The closing prices of $SHIB have been dancing around the 9 EMA values, which ranged from $0.00002480 to $0.00002490 in the latest periods. This suggests a tentative equilibrium in the short-term price momentum. Meanwhile, the 20 EMA values are consistently higher than the closing prices, from $0.00002506 to $0.00002520, indicating a potential overhead resistance on a broader timescale.

The Moving Average Convergence Divergence (MACD) values have been negative but increasing towards zero, showing a reduction in the bearish momentum. The histograms, albeit negative, are also shrinking, which further supports the notion of decreasing bearish pressure.

The Relative Strength Index (RSI) has remained below the midpoint of 50 in most recent periods, reaching as low as 40.61, which typically indicates bearish momentum. However, a gradual increase toward 47.21 suggests an emerging bullish interest. Volume data shows significant activity spikes, which might imply key market interest at certain price levels or reactions to external market influences.

Current technical observations suggest the next significant resistance for the Shiba Inu price lies at $0.00002594, followed by higher resistances at $0.00002717 and $0.00002719. On the downside, support levels are identified at $0.00002430, followed by stronger supports at $0.00002385 and $0.00002162. #Memecoins #TrendingPredictions #BullorBear
The full analysis and trade strategy were originally posted on ecoinimist.com.