Will Shiba Inu (SHIB) prices rebound to the $0.00002332 resistance as RSI divergence sparks bullish optimism?
With Dogecoin dropping 3% over the past 24 hours, Shiba Inu has experienced a similar decline. Shiba Inu’s seven-day return now stands at negative 7% amid the bearish market, pushing its market price closer to the psychological level of $0.000020.
With a market cap of $12.51 billion, Shiba Inu remains the second-largest meme coin. However, broader market conditions continue to create uncertainty for the SHIB price trend.
Shiba Inu Price Analysis
On the 4-hour chart, Shiba Inu’s price action shows a failed attempt to break through a resistance trendline. This also highlighted a strong supply zone near the 50% Fibonacci level at $0.00002489.
Additionally, the bearish reversal from this local resistance caused the price to drop below the 38.20% Fibonacci level at $0.00002322. Currently, Shiba Inu is testing the bullish support at the 23.60% level at $0.00002130, as well as the critical psychological level at $0.000020.
With several lower price rejections, Shiba Inu has entered a short-term lateral phase. The bearish pressure has also pushed the 20-EMA line below the 50-EMA, confirming a bearish alignment between the moving averages.
However, the 4-hour RSI has entered the oversold zone and has since leveled off. This shows a minor bullish divergence, which increases the possibility of a potential reversal.
SHIB Price Targets
Based on previous price action in late December, Shiba Inu could begin a new consolidation range, expected to fluctuate between the 23.60% and 38.20% Fibonacci levels.
Currently, Shiba Inu’s market price stands at $0.00002121, close to the 23.60% Fibonacci level. If the price retests these levels, it could challenge the upper boundary of the potential consolidation range at the 38.20% Fibonacci level.
On the other hand, a bearish close below the psychological $0.000020 zone could lead to a further decline toward $0.00001853.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
