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The Shiba Inu price recorded a slight 24-hour gain to trade at $0.000009517 at press time as investors begin to slowly buy back into the meme coin.
The Shiba Inu Price Enters a Similar Setup
Daily chart for SHIB/USDT (Source: TradingView)
The Shiba Inu price is attempting to overcome a medium-term bearish trend line. Should it break above this level in the next 48 hours, it could look to flip the resistance level at $0.00000992 into support in the following couple of days. A sustained close above this threshold could then give the meme coin the foundation needed to continue rising in the following week. In this bullish scenario, the Shiba Inu price could break through the $0.00001070 barrier as well before possibly rising to as high as $0.00001190.
This bullish thesis may be invalidated if SHIB breaks below $0.00000875 within the next 72 hours. In this alternative scenario, the Shiba Inu price could be at risk of falling to $0.00000760 in the following couple of days.
Traders and investors will want to note that the Shiba Inu price has formed a setup that previously resulted in the meme coin’s price surging. Should history repeat itself in the coming week, SHIB may pull back to the immediate support at $0.00000875 before launching into a bullish move.
Sellers Gain Strength as Shib Looks to Enter Bullish Cycle
Technical indicators on the altcoin’s daily chart are currently contradicting each other. The Relative Strength Index (RSI) is flagging bearish as the RSI looks to cross below its Simple Moving Average (SMA) line. These two technical indicators intersecting in the next 24 hours will signal that sellers have gained an upper hand against buyers. Despite this, the Moving Average Convergence Divergence (MACD) indicator shows that the Shiba Inu price is looking to enter into a bullish move.
Currently, the MACD line is rising towards the MACD Signal line. The MACD line crossing above the MACD Signal line within the next couple of days, coupled with a daily candle close above $0.00000992, may signal that SHIB’s bearish cycle has reached its end.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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