Shiba Inu: Potential Golden Ratio Support Rebound
Shiba Inu (SHIB) is currently in a corrective phase but has reached a crucial golden ratio support level, indicating the possibility of a bullish rebound. The price surge of Shiba Inu reflects a trend seen in various other memecoins, raising the question of whether we are witnessing the rise of memecoins in this era.
Shiba Inu Encounters Key Golden Ratio Support Level
Recently, Shiba Inu found significant support at the golden ratio level of around $0.00002 after a notable correction. Prior to this, the memecoin faced rejection near the 0.382 Fibonacci resistance point at approximately $0.000037.
- Golden Ratio support could trigger a bullish upturn towards the 50-day Exponential Moving Average (EMA) at roughly $0.00002464.
Death Cross Emerges in Shiba Inu’s 4H Chart
In Shiba Inu’s 4-hour chart, the Exponential Moving Averages (EMAs) have formed a death cross, indicating a short-term bearish trend. Despite this, the MACD lines are bullish, and the histogram shows bullish momentum.
- Conflicting signals from RSI, neither bullish nor bearish.
Shiba Inu’s Weekly Chart: MACD Indicator Signals Bearish Movement
The MACD histogram on the weekly chart has been declining in a bearish manner for the past three weeks, hinting at a potential bearish crossover in the MACD lines. However, the RSI remains neutral without clear bullish or bearish indications.
- A break below the Golden Ratio support may find support at the 50-week EMA around $0.00001426.
Shiba Inu’s Steep Fall: Bullish Indicators Persist
Despite a 60% correction from its peak, SHIB continues to exhibit bullish indicators in the monthly chart. The MACD histogram shows upward movement, and the MACD lines remain bullish.
SHIB Rose 230% Against BTC Last Month
Against Bitcoin (BTC), SHIB saw a significant surge of approximately 230% last month, followed by a 37% decline this month. Currently, Shiba Inu is at significant golden ratio support against BTC, signaling a potential bullish rebound in the near term.
Hot Take: Conclusion and Potential Trends
As a crypto enthusiast, it’s important to monitor Shiba Inu’s price movements and key support levels to anticipate potential bullish rebounds. Despite recent corrections, bullish indicators persist in various charts, hinting at a possible upward trend in the near future.
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