Shiba Inu Coin: Is a Bullish Breakthrough Imminent?

The Shiba Inu coin has shown notable bullish momentum on the 4-hour chart, suggesting potential upward movements in the near term. Recent closing prices indicate a gradual upward trend, with the latest closing price at $0.00001647.

Exponential Moving Averages (EMA) reflect this positive sentiment. The 9 EMA is currently above the 20 EMA, indicating a bullish trend. This alignment suggests that the short-term momentum favors buyers, with the 9 EMA values showing a steady increase, reflecting recent upward price movements.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator also supports this bullish outlook. The MACD line is above the signal line, with the histogram consistently positive. This configuration indicates that buying pressure is outweighing selling pressure. It also reinforces the potential for continued upward movement.

Relative Strength Index (RSI) values oscillate around the mid-50s, slightly favoring the bullish side without being in overbought territory. This suggests that there is room for further upward movement before any potential reversal or correction.

Key resistance levels to watch include $0.00001659, which is the immediate resistance level. A break above this could pave the way for further gains. The $0.00001714 level is critical, and if the Shiba Inu coin manages to surpass this, it may test even higher levels. Breaking $0.00001731 would confirm a strong bullish trend, likely leading to significant price increases.

On the downside, $0.00001550 serves as the immediate support level. If $SHIB pulls back, it may find buyers around this level. The $0.00001309 level is a more substantial support that could provide a strong base in case of a broader market correction. #SHIB #Memecoins #MemeWatch2024 #altcoins #ShibaInu The full analysis and trade strategy were originally posted on www.ecoinimist.com.