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The Shiba Inu price printed a slight gain in the last 24 hours to trade at $0.000023 at press time.
The Shiba Inu Price Testing Resistance
4-hour chart for SHIB/USDT (Source: TradingView)
In recent trading sessions, the Shiba Inu price has exhibited subtle yet potentially significant movements on the 4-hour chart. Over the last five periods, the closing prices have gently ascended, suggesting a mild bullish momentum in the market. This uptrend is further supported by the 9 EMA and 20 EMA, both of which show a steady increase, indicative of a positive sentiment among traders.
The 9 Exponential Moving Average (EMA) has shown a progressive increase from $0.00002261 to $0.00002287 and has recently crossed above the 20 EMA, which has moved from $0.00002253 to $0.00002269. This crossover is typically regarded as a bullish signal, which often encourages buyers to engage in the market, anticipating further price increases.
Additionally, the Moving Average Convergence Divergence (MACD) indicators have shifted from slightly negative to more positive territories, reflecting a strengthening in bullish momentum. The histogram values of the MACD have also consistently shown positive increments, further reinforcing the possibility of continued upward movement in the market.
The Relative Strength Index (RSI), while hovering between 51 and 54, supports a bullish interpretation of the current market conditions. However, it also serves as a caution, warning of potential overheating should the index approach overbought conditions, typically considered to be above a reading of 70.
Potential Trade Strategies
Looking ahead, traders might focus on the recent high of $0.00002320 as an immediate resistance. If the pair breaks above this level, the next targets would be the resistance levels set at $0.00002340 and $0.00002360. A breach above these could expose SHIB to a more significant resistance at $0.00002719. Conversely, support levels are observed at $0.00002162 and $0.00002147, with a crucial psychological and technical support at $0.00002110. A fall below this could trigger bearish momentum, compelling traders to consider defensive strategies.
For long positions, traders might consider entering if the price sustains above the $0.00002320 resistance level. The 9 and 20 Exponential Moving Averages (EMAs) could be used as dynamic support levels in this scenario. To mitigate potential losses, a stop-loss could be strategically placed below $0.00002162.
Conversely, for short positions, should the price fail to break above the current resistance and exhibit signs of a reversal, entering a short position might be viable. A target could be set near the lower support levels to capitalize on the anticipated downward movement. To limit risk, a stop-loss could be positioned above the recent high or the $0.00002340 resistance level.
Disclaimer: 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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