Shiba Inu Price Makes Decisive Move: Is Now The Ideal Time To Buy?
2024年5月17日 - 1:00AM
NEWSBTC
The Shiba Inu (SHIB) price has exhibited a notable increase, rising
by 6.5% in the last 24 hours and 12.5% over the past week, marking
a significant shift towards bullish momentum. Technical analysis of
the daily SHIB/USD chart reveals a descending trend line where
price has been rejected on every single daily close for the past
two months. However, today’s price movements have led to a shift.
The descending trend line that previously governed Shiba Inu’s
downward trajectory has recently been breached, suggesting a
potential reversal or at least a weakening of the bearish pressure.
Renowned crypto analyst Cold Blooded Shiller remarked, “One of the
commandments of memes is thou shalt always long the meme when the
trendline snaps.” One of the commandments of memes is thou shalt
always long the meme when the trendline snaps
pic.twitter.com/iPDpuX46ZH — Cold Blooded Shiller (@ColdBloodShill)
May 4, 2024 Prior to the breakout, he noted, “In 20IQ szn you’re
looking for 20IQ entry signals. Breaking the trendline that has
been respected on every single daily close for the past 2 months
will be one of those. SHIB starting to tick.” Related Reading:
Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise
The shift is supported by the positioning of Exponential Moving
Averages (EMAs); the 20-day EMA at approximately $0.00002238 and
the 50-day EMA at $0.00002131 which were both breached with
yesterday’s daily close. Further down, the 100-day and 200-day EMAs
at around $0.00001831 serve as significant support zones,
indicating strong buy levels should any major retracement occur.
The interaction of price with these EMAs in the coming days will be
crucial in determining the sustainability of the current breakout.
The application of Fibonacci retracement from the recent peak to
the trough are also illustrating a pivotal development for Shiba
Inu’s price action. The 0.236 Fibonacci retracement level at
$0.00002483, recently surpassed in yesterday’s trading session, now
serves as a critical support in the short term. This level’s
importance is accentuated by its role in confirming the legitimacy
of the recent breakout from the descending trend line—a breakout
that might otherwise be dismissed as a mere technical anomaly or
‘fakeout.’ Currently, a retest of this $0.00002483 level as support
is underway. A closure of today’s daily candle above this mark
would solidify the argument for a more sustained upward trajectory
in SHIB’s price. Such a close would reinforce investor confidence
that the breakout is genuine and that the market sentiment may be
shifting more firmly to the bullish side. Related Reading: Shiba
Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This
Analyst’s Prediction Comes True? If SHIB’s price remains steadfast
above this newfound support, the immediate subsequent target would
be the $0.00002882 level, correlating with the 0.382 Fibonacci
retracement. A breach of this resistance would likely set the stage
for further gains towards $0.00003205 and $0.00003527, the 0.5 and
0.618 Fibonacci retracement levels, respectively. Reaching the
0.618 level, often referred to as the ‘golden ratio,’ could
potentially yield a substantial 40% gain from current prices,
offering a lucrative scenario for investors closely monitoring
these technical cues. The heightened trading volume (+30% in the
last 24 hours) underlines active participation in the market,
crucial for supporting the legitimacy of the breakout. Alongside,
the Relative Strength Index (RSI) at 55.05 indicates that the asset
is neither overbought nor oversold, leaning towards a neutral to
slightly bullish position. This provides room for upward movement
without immediate concerns of entering overbought territory.
Overall, with the recent breakout above the descending trend line,
Shiba Inu’s price action invites a bullish outlook, suggesting that
the downtrend may be losing its grip. The key for traders will be
to watch for a daily close above $0.00002483. A confirmed hold
above this level could pave the way for further ascents towards
higher Fibonacci levels. Featured image from Shutterstock, chart
from TradingView.com
SHIBA INU (COIN:SHIBUSD)
過去 株価チャート
から 8 2024 まで 9 2024
SHIBA INU (COIN:SHIBUSD)
過去 株価チャート
から 9 2023 まで 9 2024