Shiba Inu Price Prediction: SHIB on the Verge of a Breakout?

The Shiba Inu price has been showing signs of intriguing movements on the 4-hour chart. Based on the recent closing prices, #SHIB has experienced slight fluctuations, with the latest figures indicating a closing price at $0.00002867, down from a peak of $0.00002906 but still showing resilience by holding above the $0.00002798 mark.

The 9 Exponential Moving Average (EMA) and the 20 EMA are critical indicators for identifying the short-term market trend. The 9 EMA has seen a gradual increase, suggesting a bullish trend as it consistently rises above the 20 EMA, which also shows an upward trajectory. This crossover and divergence between the 9 and 20 EMA highlight underlying strength in SHIB's price action.

The Moving Average Convergence Divergence (MACD) values indicate an escalating bullish momentum. With the MACD line surpassing the signal line across the latest readings, and the histogram widening, this suggests increasing buying pressure. Specifically, the MACD histogram has risen from 0.000000165 to 0.000000145, reinforcing the strength in the trend.

Moreover, the Relative Strength Index (RSI) has remained above the neutral 50 mark throughout the period, peaking at 62.75 before slightly retracting to 57.91. This indicates that while SHIB is gaining momentum, it hasn't entered the overbought territory, leaving room for potential upside.

Looking ahead, $SHIB faces immediate resistance at $0.00002982, with further barriers at $0.00003074 and $0.00003137. A decisive break above these levels could pave the way for extended gains. On the downside, support levels are identified at $0.00002865, followed by stronger levels at $0.00002794 and $0.00002751. These levels will be crucial for traders to monitor for potential rebounds or further declines. #Memecoins #BullorBear #SHIB

The full analysis and trade strategy were originally posted on ecoinimist.com.