Shiba Inu Action Passes (SHIB) is currently in a major corrective phase. However, the price has now reached the crucial golden ratio support level, indicating the possibility of an upward rebound.
In fact, the price of Shiba Inu is seeing a significant rise, mirroring the trend seen by many other memecoins. This begs the question: are we seeing the rise of the meme queen in this era?
Shiba Inu Coin Reaches Key Golden Ratio Support Level
The Shiba Inu coin recently encountered major support at the golden ratio level at around $0.00002 after a notable correction. Prior to this, memcoin was rejected near the 0.382 Fibonacci resistance point at around $0.000037.
There is a possibility of a bullish rebound from the golden ratio support, aiming to reach the 50-day EMA, which forms a major resistance barrier at around 0.00002464.
While the indicators present a mixed picture, with the Relative Strength Index (RSI) in neutral territory, the exponential moving averages are displaying a golden crossover, indicating an uptrend in the short to medium term. Conversely, the Moving Average Convergence Divergence (MACD) lines have crossed in a downtrend. However, the MACD histogram shows bullish momentum since yesterday.
A Death Cross Appears in the Shiba Inu 4-Hour Chart
On the Shiba Inu 4-hour chart, the exponential moving averages (EMA) recently formed a deadly crossover, indicating a short-term downtrend. However, the MACD lines are currently crossing in an uptrend and the MACD histogram is showing bullish momentum.
Despite these contradictory signals, the RSI is neutral, offering neither bullish nor bearish indicators. If he saw an arrow SHIB Bouncing higher, it could face major Fibonacci resistance around $0.0000287 and $0.000035.
SHIB Weekly Chart: MACD Indicator Indicates Downward Movement
In the weekly chart, the weekly MACD histogram has been declining steadily in a bearish manner over the past three weeks, indicating the possibility of the MACD lines following suit with a bearish crossover. However, the RSI is neutral and lacks clear bullish or bearish signals.
If Shiba Inu stock falls below golden ratio support at around $0.00002, it could find significant support around the 50-week exponential moving average (EMA), estimated at around $0.00001426.
Shiba Inu falls sharply: loses 60% of its value
Despite a roughly 60% correction from its high last month, SHIB stock continues to show bullish signs on the monthly chart.
The MACD histogram still shows an upward movement, while the MACD lines still cross in a bullish manner.
Read more: Shiba Inu (SHIB) Price Forecast for 2024, 2025, 2026, 2027
SHIB surged 230% against BTC last month
Compared to Bitcoin (BTC), SHIB saw a notable rise of almost 230% in the last month. However, this month has seen a major correction, with the price down over 37% so far.
Shiba Inu is currently at a major support level for the Golden Ratio against BTC, indicating a potential near-term bullish rebound.
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الأسواق,Shiba Inu,العملات الرقمية,العملات المشفرة
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