What Lies Ahead for SHIB?

The ongoing correction trend in Shiba Inu (SHIB) raises questions about the potential price decline and the duration of this fluctuation.

Observers are closely monitoring key support levels and market trends to gauge the extent and duration of Shiba Inu’s price decline. Factors such as trading volume, investor sentiment, and external events influence this valuation.

Shiba Inu Tests Major Support: Can Price Maintain the .382 Fib Level?

Shiba Inu recently broke through the key support level of the 50-day EMA at around $0.0000248 and is currently seeking substantial support at the 0.382 Fib level around $0.0000244. This level could serve as a platform for a bullish rebound and target the resistance at the 50-day EMA.

A successful breakout could propel Shiba Inu towards the .382 Fib resistance around $0.0000288. Despite missing this resistance level by about 2% recently, it remains the focus of potential bullish momentum.

Conversely, a bearish breakout of the current support could take Shiba Inu to the next key Fib support around $0.000022. Additionally, the Moving Average Convergence Divergence (MACD) histogram has shown a bearish trend over the past few days, with the MACD line approaching a potential bearish crossover. Meanwhile, the Relative Strength Index (RSI) remains neutral and does not indicate any bullish or bearish sentiment.

Read more: How to buy a Shiba Inu (SHIB) and everything you need to know

SHIB/USDT price chart. sauce: trading view

It is worth noting that Shiba Inu remains within a parallel descending channel, suggesting a continuing correction phase in the medium term.

Analysis of the bearish outlook for SHIB on the 4-hour chart

On the 4-hour chart, prevailing indicators are leaning towards bearish sentiment. A death cross at the exponential moving average (EMA) solidifies a short-term bearish trend.

Additionally, the MACD line shows a bearish crossover and a downtrend in the MACD histogram.

Shiba Inu coin SHIB
SHIB/USDT price chart. sauce: trading view

However, it is worth noting that the RSI remains neutral and refrains from suggesting any particular bearish trend. The RSI may develop into a bullish divergence in the near future.

Is a more serious price correction on the horizon?

On the bullish side, Shiba Inu encounters significant Fibonacci resistance levels around $0.0000288 and $0.0000355. Conversely, potential Fib support zones are located around $0.000022 and $0.000020. Additionally, the 50-week Exponential Moving Average (EMA) serves as ancillary support at approximately $0.00001516.

The Shiba Inu is still in the correction stage and may expand further. On the weekly chart, the MACD histogram shows a downward trajectory and a bearish crossover of the MACD line could be imminent. Despite these indicators, the RSI remains neutral and does not give any conclusive signals.

Shiba Inu coin SHIB
SHIB/USDT price chart. sauce: trading view

For Shiba Inu to break out of the descending channel, it will need to rise above the .382 Fib resistance at $0.0000288.Further disable corrected trajectory It is mandatory to overcome the golden ratio Approximately $0.0000355.

Shiba Inu prices drop by 60%

Since reaching a peak of around $0.00004567 last month, SHIB price has fallen around 60%. Despite this significant decline, the MACD histogram on the monthly chart continues to show a bullish trend and is steadily rising.

Shiba Inu coin SHIB
SHIB/USDT price chart. sauce: trading view

Maintaining a position above the golden ratio support near $0.00002 is important to maintain bullish momentum in the medium term.

SHIB vs BTC: Shiba Inu eye fix for next Fib support

There is a golden crossover underway on the 4-hour chart against BTC, but this could soon turn into a death cross. Shiba Inu appears poised to continue on a corrective trajectory and could aim for the 0.382 Fib support level.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu coin SHIB
SHIB/BTC price chart. sauce: trading view

Alternatively, notable golden ratio support lies just below this current level.

Disclaimer

In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although BeInCrypto strives for accurate and unbiased reporting, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms of Use, Privacy Policy, and Disclaimer have been updated.

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