Shiba Inu (SHIB) price, traded at a significant level that could determine its short-term course. If SHIB bulls battle multiple ‘red flags’ in numbers and stay vigilant at the 50% Fibonacci level, meme coin Shiba Inu could likely have a rough upside move.
However, the indicators do not support a positive outlook and SHIB It’s worth noting that long setups will be extremely risky until we can identify a safer support zone.
Shiba Inu 4-Hour Time Zone Chart
It was quite significant on the 4-hour timeframe as the SHIB price surged as high as $0.00002392 and then retraced to $0.00002922 last week. For the first time in 21 days, SHIB has managed to break out of an earlier downtrend and create a new high low.
At the time of writing this article, SHIB was trading at a crucial 50% Fibonacci level after a minor pullback.
If SHIB fails to reach another higher low, its price will continue to slide on the chart until a support zone between $0.0002552-$0.000002718 is tested.
This will also disregard SHIB’s previous rally to $0.00002922 as a short increase rather than a prolonged uptrend. A new low at $0.00002328 could even be formed if SHIB breaks below $0.0002552.
However, if the SHIB can bounce back above the 4-hours 200-SMA (green), the uptrend will bounce back. This projected 12% rise will be decisive for the long-term success of SHIB. For such a result, SHIB needs to hold the ground above the 50% Fibonacci level.
Indicators
SHIB’s 4-hour indicators are not looking very good, but that may change. The MACD’s ‘signal line (orange)’ continues to trade below the fast-moving line (blue), while the RSI level remains in a ‘downtrend’.
Such indicators may create more selling pressure until they mark the support zone mentioned above.
As a result
The Shiba Inu had to counter the downside to stay above the 50% Fibonacci level. If a bullish response is not observed in the next 24 hours, we can say that the next rally will most likely occur after SHIB tags the support at $0.00002552-0.000002718.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.