simply put
Shiba Inu (SHIB) relies on critical golden ratio support.
A bullish bounce or a bearish breakout is possible.
How the market reacts to this moment determines the outcome.
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Shiba Inu (SHIB) is currently at a critical juncture of golden ratio support. This juncture raises the question: will SHIB price experience a bullish rebound or will it fall into a bearish breakout?
There is a possibility of an upward movement characterized by a bullish rebound. Conversely, there is also the possibility of a bearish breakout. The outcome depends on how the market responds to this critical support level.
Shiba Inu Coin stabilizes at the golden ratio support level
SHIB price has been stable at the golden ratio support level of around $0.0000205 for the past month and is showing signs of a bullish rebound this month. This suggests that an upward movement may start.
SHIB price analysis. Source: Tradingview
Moreover, the MACD histogram on the monthly chart shows that the bullish trend continues, with the MACD lines maintaining a bullish crossover and the relative strength index (RSI) hovering in the neutral zone.
Shiba Inucoin revisits the golden ratio: analyzing the impact
Currently, SHIB price seems ready to revisit the golden ratio support level, which is around $0.0000205. On the weekly chart, the MACD line is close to a bearish crossover, while the MACD histogram has been trending down for several weeks, indicating bearish sentiment.
SHIB price analysis. Source: Tradingview
Meanwhile, the RSI is showing neutrality.If the Shiba Inu bearishly breaks below the golden ratio support at $0.0000205, the subsequent significant support is located near the 50-week SMA at around $0.0000155.
Is Shiba Inu Coin about to correct further?
On the daily chart, the MACD lines have seen a bearish crossover and the MACD histogram is trending down, suggesting bearish sentiment. However, the RSI is currently in the neutral zone.
Read more: How to buy a Shiba Inu (SHIB) and everything you need to know
Moreover, the EMAs remain in a golden cross, indicating a short- to medium-term bullish trend. Nevertheless, the Shiba Inu is facing significant resistance at the 50-day moving average, which is around $0.000024.
SHIB price analysis. Source: Tradingview
The key Fibonacci resistance levels are near $0.0000288 and $0.000035. The Shiba Inu must break the golden ratio resistance around $0.000035 to offset the corrective move and continue its upward trajectory.
Bearish Trend Alert: Shiba Inu Death Cross Forms on 4-Hour Chart
The 4-hour chart of Shiba Inu shows a death cross, confirming a short-term bearish trend. Nevertheless, as the MACD line shows, there is a possibility of a bullish crossover, supported by the bullish rise of the MACD histogram.
SHIB price analysis. Source: Tradingview
Nonetheless, near-term forecasts suggest that the Shiba Inu may retest the Golden Ratio support level.
SHIB vs BTC: Shiba Inu at key Fibonacci support level
On the 4-hour chart of Shiba Inu against BTC, a death cross has occurred, validating the prevailing short-term bearish sentiment. However, the Shiba Inu faces significant Fibonacci support at the 0.382 Fib level.
SHIB/BTC price analysis. Source: Tradingview
This could trigger a bullish rebound in SHIB price from this support level.
