SHIB Price Prediction: Technicals Suggest Continued Pressure on Key Support Levels

As of the latest data, the Shiba Inu price has exhibited a mixed performance on the 4-hour chart, with fluctuations within a narrow range. 

Closing prices over the past five periods have fluctuated, indicating indecision in the market. However, the 9 Exponential Moving Average (EMA) is currently below the 20 EMA, suggesting a short-term bearish sentiment.

The Moving Average Convergence Divergence (MACD) histogram has been predominantly negative, indicating a bearish trend. The MACD line has consistently remained below the signal line, further affirming the bearish outlook.

Relative Strength Index (RSI) values have hovered around the mid-range, indicating a lack of strong buying or selling pressure. However, the recent RSI readings suggest a slightly bearish sentiment, with values ranging from 39.7 to 47.1.

SHIB’s significant support levels include $0.00002719, $0.00002651, $0.00002646, and $0.00002610. On the other hand, notable resistance levels for SHIB are observed at $0.00002775 and $0.00002790. $SHIB #SHIB #BullorBear #Memecoins

The full analysis and trade strategy were originally posted on ecoinimist.com.