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Shiba Inu Bounce (SHIB): Is an Uptrend Emerging?

Shiba Inu (SHIB) is currently at a critical juncture in support of the golden ratio. This point begs the question: will SHIB price rebound higher or succumb to a downward breakout?

There is potential for an upward movement characterized by a bullish rebound. Conversely, there is also the possibility of a downward breakout. The outcome depends on how the market reacts to this crucial support level.

Shiba Inu coin stabilizes at golden ratio support level

Shadow SHIB Price It has remained stable at the golden ratio support level around $0.0000205 over the past month, showing signs of an upward recovery this month. This indicates the possible start of an upward movement.

Queen Sheep Shiba Inu
SHIB Price Analysis. Source: Commercial view

Additionally, the Moving Average Convergence/Divergence (MACD) histogram on the monthly chart indicates a continuation of the uptrend, with the MACD lines maintaining a bullish crossover and the Relative Strength Index (RSI) hovering in the neutral zone .

Shiba Inu Coin reconsiders the golden ratio: impact analysis

At the moment it seems that SHIB Price It is preparing to reconsider the support of the golden ratio around $0.0000205. On the weekly chart, the MACD lines are approaching a bearish crossover, while the MACD histogram has been showing a downward trend for several weeks, indicating bearish sentiment.

Queen Sheep Shiba Inu
SHIB Price Analysis. Source: Commercial view

At the same time he emphasizes RSI To neutrality. If Shiba Inu experiences a downward breakout to Golden Ratio support at $0.0000205, the next notable support level is around the 50-week EMA at around $0.0000155.

A deeper correction in the future for the Shiba Inu currency?

On the daily chart, there was a bearish crossover with the MACD lines, and the MACD histogram shows a downtrend, indicating a downtrend. However, the RSI is currently in a neutral zone.

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Additionally, the EMAs maintain a golden crossover, indicating an uptrend in the short to medium term. Despite this, the Shiba Inu faces significant resistance at the 50-day EMA at around $0.000024.

Queen Sheep Shiba Inu
SHIB Price Analysis. Source: Commercial view

The main Fibonacci resistances lie ahead, around $0.0000288 and $0.000035. The Shiba Inu needs to break the golden ratio resistance at around $0.000035 to reverse the corrective move and continue its upward trajectory.

Downtrend Alert: Death Cross Forms in SHIB 4H Chart

The Shiba Inu 4-hour chart shows a death cross, confirming the short-term downtrend. However, there is potential for a bullish crossover, as shown by the MACD lines, supported by a bullish rally in the MACD histogram.

Queen Sheep Shiba Inu
SHIB Price Analysis. Source: Commercial view

Despite this, the near-term outlook suggests that the Shiba Inu could begin to test Golden Ratio support levels again.

SHIB vs. Bitcoin: SHIB is at a key Fibonacci support level

According to the 4-hour chart of Shiba Inu against BTC, a death cross has appeared, confirming the validity of the dominant short-term downtrend. However, the Shiba Inu faces notable Fibonacci support at the .382 Fibonacci level.

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Queen Sheep Shiba Inu
SHIB/BTC price analysis. Source: Commercial view

This could lead to a bullish reboundSHIB Price From this support level.

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