Shiba Inu Price on the Verge of Explosive Breakout or Dramatic Plunge – Key Levels Traders Must Watch Now!

$SHIB shows a mix of potential bullish and bearish signals. The closing prices for the past five sessions indicate some volatility and fluctuations in price levels. The 9 EMA and 20 EMA currently stand at $0.00002711 and $0.00002640 respectively, demonstrating a subtle upward bias with the shorter-term EMA remaining above the longer-term EMA, though the gap is not significantly wide.

The Moving Average Convergence Divergence (MACD) values further highlight this mixed sentiment. The most recent MACD values, with a MACD of 0.000000473 and a signal of 0.000000566, result in a histogram value of -0.000000093. The MACD line trending below the signal line suggests a bearish crossover, albeit the histogram values remain relatively small, indicating weak bearish momentum.

On the other hand, the Relative Strength Index (RSI) readings, which range from 48.22 to 65.79 over the past few sessions, currently sit at 53.54. This places SHIB slightly above the neutral 50 level, suggesting a slight bullish bias but still within the range that neither confirms overbought nor oversold conditions.

The first resistance level at $0.00002717 is crucial for the bulls to break to gain upward momentum. Breaking above $0.00002719 would further confirm a bullish trend, potentially leading to a test of the higher resistance at $0.00002735.

On the downside, the key support level at $0.00002651 needs to hold to prevent further declines. A breach of this level might see the price testing lower supports at $0.00002646 and $0.00002642, which are critical for maintaining the overall bullish structure. #MemeWatch2024 #Memecoins #Altcoinseason2024 #SHIB
The full analysis and trade strategy were originally posted on ecoinimist.com.