The analysis of Shiba Inu’s 4-hour chart reveals key price levels that are critical for understanding its short-term trajectory.
The pivot point, established at $0.000021, serves as a baseline for the current trading range. Resistance levels are set at $0.000024, $0.000026, and $0.000028, marking potential hurdles for SHIB’s upward movement.
Conversely, support levels at $0.000019, $0.000018, and $0.000017 provide areas where price declines may find a floor.
(As of report time, Shiba Inu is trading for $0,00002657 on WhiteBIT exchange)
Technical indicators further illuminate SHIB’s market position. The Relative Strength Index (RSI) at 71 indicates a strong buying interest among investors, albeit nearing overbought territory.
Meanwhile, the 50-Day Exponential Moving Average (EMA) at $0.000014 underscores a bullish undertone, reflecting the asset’s sustained upward momentum over recent weeks. Shiba Inu’s price action has encountered resistance at the $0.0000237 level, completing a 23.6% Fibonacci retracement at around $0.0000210.
This suggests that the asset is at a critical juncture; should it breach this resistance, further bullish sentiment could be triggered.
Below this level, the 38.2% Fibonacci retracement may come into play, indicating potential areas of interest for both buyers and sellers.
In conclusion, while Shiba Inu demonstrates a bullish trend above its pivot point, it remains bearish below the $0.0000237 resistance level. #SHIBA_INU
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