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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.