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Shiba Inu (SHIB) Price Forecast: Potential Bullish Bounce at Golden Ratio?

2 mins
Translated Ryan James
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In Brief

  • Shiba Inu (SHIB) hits crucial golden ratio support level after significant correction, hinting at a possible bullish rebound.
  • Rise in SHIB price mirrors memecoin trend, raising questions about the era of memecoins.
  • Mixed indicators for SHIB include a death cross in the 4-hour chart but bullish signals in the weekly chart, with potential for a bullish rebound.
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Shiba Inu (SHIB) is currently undergoing a significant corrective phase. However, the price has now reached a crucial golden ratio support level, indicating the possibility of a bullish rebound.

Indeed, the price of Shiba Inu is surging, mirroring the trend seen in numerous other memecoins. This raises the question: Are we witnessing the rise of memecoins in this era?

Shiba Inu Hits Key Golden Ratio Support Level

Shiba Inu recently encountered substantial support at the golden ratio level of around $0.00002 following a notable correction. Before this, the memecoin faced rejection near the 0.382 Fibonacci resistance point at approximately $0.000037.

There’s a possibility of a bullish upturn from the Golden Ratio support, aiming toward the 50-day Exponential Moving Average (EMA), which poses a significant resistance barrier at roughly $0.00002464.

SHIB Price Chart
SHIB Price Chart. Source: Tradingview

While indicators present a mixed picture, with the Relative Strength Index (RSI) in neutral territory, the EMAs exhibit a golden crossover, indicating a bullish trend in the short to medium term. Conversely, the Moving Average Convergence Divergence (MACD) lines have crossed bearishly. Yet, the MACD histogram has shown bullish momentum since yesterday.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Death Cross Emerges in Shiba Inu’s 4H Chart

In Shiba Inu’s 4-hour chart, the Exponential Moving Averages (EMAs) have recently formed a death cross, indicating a short-term bearish trend. However, the MACD lines are currently bullishly crossed, and the MACD histogram shows bullish momentum.

SHIB Price Chart
SHIB Price Chart. Source: Tradingview

Despite these conflicting signals, the RSI is neutral, providing neither bullish nor bearish indications. Should SHIB experience a bullish rebound, it may encounter significant Fibonacci resistances around $0.0000287 and $0.000035.

Shiba Inu’s Weekly Chart: MACD Indicator Points to Bearish Movement

In the weekly chart, the MACD histogram has been steadily declining in a bearish manner for the past three weeks, indicating the potential for the MACD lines to follow suit with a bearish crossover. Despite this, the RSI is neutral, lacking clear bullish or bearish signals.

SHIB Price Chart
SHIB Price Chart. Source: Tradingview

If Shiba Inu were to break below the Golden Ratio support at approximately $0.00002, it might find substantial support around the 50-week Exponential Moving Average (EMA), estimated at roughly $0.00001426.

Shiba Inu’s Steep Fall: Loses 60% of Its Value

Despite a correction of approximately 60% from its peak last month, SHIB continues to exhibit bullish indicators in the monthly chart.

Shiba Inu Coin SHIB
SHIB Price Chart. Source: Tradingview

The histogram of the MACD still shows upward movement, while the MACD lines remain crossed in a bullish manner.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

SHIB Rose 230% Against BTC Last Month

Against Bitcoin (BTC), SHIB experienced a remarkable surge of approximately 230% last month. However, this month has seen a significant correction, with the price declining by over 37% thus far.

SHIB/BTC Price Chart
SHIB Price Chart. Source: Tradingview

Shiba Inu is currently at significant golden ratio support against BTC, suggesting a potential bullish rebound in the near term.

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Ryan James
Ryan Boltman is a dynamic and experienced professional with a rich background in marketing management, business development, and cryptocurrency journalism. With a BCOM in Marketing Management from the University of South Africa and an Honors in Business Management, Ryan has honed his expertise across multiple countries including South Africa, the USA, and the Netherlands. His career includes significant roles in customer success, sales management, and content creation within the blockchain...