Shiba Inu Price Prediction: Will SHIB Break Out or Fall?

This Shiba Inu price prediction comes as the meme coin experienced modest price fluctuations. The price movement indicates a consolidation phase, with prices hovering around a narrow range. This pattern reflects a period of indecision among traders, which could precede a significant breakout or breakdown.

The 9-period Exponential Moving Average (EMA) is currently at $0.00001735, while the 20-period EMA stands at $0.00001741. The proximity of these EMAs suggests a sideways trend, with neither a strong bullish nor bearish bias. However, the slight dip below the 20 EMA indicates potential downward pressure. If SHIB breaks above the 9 EMA convincingly, it could signal a short-term bullish trend.

The Moving Average Convergence Divergence (MACD) indicator shows a series of values where the MACD line remains below the signal line, though the histogram suggests decreasing bearish momentum. With the MACD line at -0.000000092 and the signal line at -0.000000114, the narrowing gap indicates a possible bullish crossover. This potential crossover could provide an early indication of a bullish reversal.

Relative Strength Index (RSI) readings have varied between 49.40 and 45.78, indicating a neutral to slightly bearish momentum. The current RSI of 45.78 suggests that SHIB is not in the overbought or oversold territory, allowing room for price movement in either direction.

The Shiba Inu price faces immediate resistance at $0.0000181. A breakout above this level could lead to further resistance at $0.00001818 and $0.00001875. On the downside, key support levels are found at $0.000017 and $0.00001648. A break below these supports could signal further downside movement. $SHIB #Memecoins #MemeWatch2024 #Altcoinseason2024
The full analysis and trade strategy were originally posted on ecoinimist.com.