Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?

Analysis1mos agoUpdate 6086cf...
62 0

In Brief

  • Shiba Inu (SHIB) hits crucial golden ratio support level after significant correction, hinting at a possible bullish rebound.
  • Rise in SHIB price mirrors memecoin trend, raising questions about the era of memecoins.
  • Mixed indicators for SHIB include a death cross in the 4-hour chart but bullish signals in the weekly chart, with potential for a bullish rebound.

Shiba Inu (SHIB) is currently undergoing a significant corrective phase. However, the price has now reached a crucial golden ratio support level, indicating the possibility of a bullish rebound.

Indeed, the price of Shiba Inu is surging, mirroring the trend seen in numerous other memecoins. This raises the question: Are we witnessing the rise of memecoins in this era?

Shiba Inu Hits Key Golden Ratio Support Level

Shiba Inu recently encountered substantial support at the golden ratio level of around $0.00002 following a notable correction. Before this, the memecoin faced rejection near the 0.382 Fibonacci resistance point at approximately $0.000037.

There’s a possibility of a bullish upturn from the Golden Ratio support, aiming toward the 50-day Exponential Moving Average (EMA), which poses a significant resistance barrier at roughly $0.00002464.

Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?
SHIB Price Chart. Source: Tradingview

While indicators present a mixed picture, with the Relative Strength Index (RSI) in neutral territory, the EMAs exhibit a golden crossover, indicating a bullish trend in the short to medium term. Conversely, the Moving Average Convergence Divergence (MACD) lines have crossed bearishly. Yet, the MACD histogram has shown bullish momentum since yesterday.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Death Cross Emerges in Shiba Inu’s 4H Chart

In Shiba Inu’s 4-hour chart, the Exponential Moving Averages (EMAs) have recently formed a death cross, indicating a short-term bearish trend. However, the MACD lines are currently bullishly crossed, and the MACD histogram shows bullish momentum.

Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?
SHIB Price Chart. Source: Tradingview

Despite these conflicting signals, the RSI is neutral, providing neither bullish nor bearish indications. Should SHIB experience a bullish rebound, it may encounter significant Fibonacci resistances around $0.0000287 and $0.000035.

Shiba Inu’s Weekly Chart: MACD Indicator Points to Bearish Movement

In the weekly chart, the MACD histogram has been steadily declining in a bearish manner for the past three weeks, indicating the potential for the MACD lines to follow suit with a bearish crossover. Despite this, the RSI is neutral, lacking clear bullish or bearish signals.

Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?
SHIB Price Chart. Source: Tradingview

If Shiba Inu were to break below the Golden Ratio support at approximately $0.00002, it might find substantial support around the 50-week Exponential Moving Average (EMA), estimated at roughly $0.00001426.

Shiba Inu’s Steep Fall: Loses 60% of Its Value

Despite a correction of approximately 60% from its peak last month, SHIB continues to exhibit bullish indicators in the monthly chart.

Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?
SHIB Price Chart. Source: Tradingview

The histogram of the MACD still shows upward movement, while the MACD lines remain crossed in a bullish manner.

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

SHIB Rose 230% Against BTC Last Month

Against Bitcoin (BTC), SHIB experienced a remarkable surge of approximately 230% last month. However, this month has seen a significant correction, with the price declining by over 37% thus far.

Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?
SHIB Price Chart. Source: Tradingview

Shiba Inu is currently at significant golden ratio support against BTC, suggesting a potential bullish rebound in the near term.

Best crypto platforms in Europe | April 2024

This article is sourced from the internet: Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?

Related: BreakingBitcoin Records New All-Time High at $70,000: What’s Next?

In Brief Bitcoin’s price hits a new all-time high of $70,330, marking a 5% intraday increase. The rise attributed to breaking out of an ascending triangle, suggesting more growth. Tom Lee predicts Bitcoin could reach $150,000, highlighting its investment potential. Bitcoin soared past expectations to record a new all-time high, reaching $70,330 today. The remarkable 5% increase from its opening price of $66,870 has the cryptocurrency market speculating about the future. Bitcoin Hits New All-Time High This surge comes from Bitcoin breaking out of an ascending triangle on its 10-minute chart. This technical pattern underscores the digital currency’s bullish momentum and hints at even more growth on the horizon. Indeed, this bullish technical formation projects a target of $71,500. Bitcoin Price Performance. Source: TradingView Experts are keenly observing these developments,…

 

© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...