Technical Analysis of Shiba Inu (SHIB)


The meme coin $SHIB

has experienced a marked downtrend since May 29, confirmed by three points which might eventually end today.

The price levels have reached a very strong support around 0.00002069.

On a 4-hour chart, prices are starting to climb, crossing the Tenkan line. However, they are still below the Ichimoku cloud, which is a bearish signal. They are also below significant support or resistance levels like the 0.786 Fibonacci retracement and below their downward trend line.

These indicators suggest that if SHIB reverses the trend, it will face some short-term challenges in breaking through these resistances. The RSI appears to be rising, indicating buying pressure. However, as an entry point, I remain relatively neutral on SHIB currently. Until SHIB crosses back above its Kijun line on the 4-hour chart, breaks its downward trend line, and finds support at a significant Fibonacci retracement level like 0.786, I would not recommend entering.

Once these conditions are met, SHIB might then be able to cross above its Ichimoku cloud and break its SSB resistance. Currently, SHIB's prices seem stuck between various resistance levels. Given the buying pressure, it might range for some time or at least until it breaks its downward trend line.

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