Shiba Inu Price Prediction As Technicals Send Mixed Signals

The Shiba Inu price has shown a mixed sentiment on the 4-hour chart over the past 48 hours. Recent closing prices highlight a slight uptrend but also suggest potential resistance and support challenges.

$SHIB is currently trading near a significant resistance level at $0.00001810, which it needs to break to confirm a bullish trend. Further resistance levels are observed at $0.00001818 and $0.00001875. On the downside, #SHIB finds support at $0.00001776 and $0.00001765, with a critical support level at $0.00001704. Price movements between these levels will be crucial in determining SHIB's short-term direction.

9 EMA and 20 EMA values are converging, indicating a potential shift in trend. The 9 EMA has been trending slightly higher than the 20 EMA, suggesting a short-term bullish outlook. However, MACD values reveal a bearish divergence, with the MACD line consistently below the signal line, albeit the histogram indicates a decreasing bearish momentum. This combination suggests that while there is short-term bullish sentiment, the overall trend may still be bearish.

Meanwhile, RSI values have fluctuated around the neutral 50 mark, reflecting the indecision in the market. Recent readings do not indicate an overbought or oversold condition, implying that the Shiba Inu price might continue to trade sideways unless a significant movement occurs. #Memecoins #altcoins #MemeWatch2024 The full analysis and trade strategy were originally posted on www.ecoinimist.com.