Shiba Inu (SHIB) Strengthens at Golden Ratio Point: Will Its Price Rise?

Bittime – Shiba Inu (SHIB) has just experienced an encouraging price increase after touching the golden ratio support point. 

However, this price increase does not necessarily guarantee a long-term uptrend. Let's discuss the factors that can influence the next SHIB price movement.

Analysis Technical SHIB

1. Bounce of the Golden Ratio

Despite the general trend being down, SHIB managed to bounce back after reaching the golden ratio support point at around $0.00002. This is a short-term positive signal.

2. Neutral Indicator

The Relative Strength Index (RSI) value is currently neutral, indicating a balance between buying and selling pressure. This could be an opportunity for SHIB to continue its price increase.

3. Price Exceeds 50-Day EMA

SHIB price managed to break the resistance of the 50-day exponential moving average (EMA), which is around $0.0000248. This is another bullish technical signal.

4. Possible Next Resistance

Even so, it is necessary to pay attention to the potential for future resistance. Fibonacci resistance points to watch out for include $0.0000288 and $0.0000355.

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Price Movement Analysis

1. Significant Increase

The 54% increase in SHIB prices after touching the golden ratio is quite significant. This indicates strong buying interest from investors.

2. Momentum Bullish?

The MACD indicator on the weekly chart shows the potential for ongoing bullish momentum. However, future price movements need to be monitored for confirmation.

Warning: Technical Analysis is Not a Guarantee of Accuracy

It is important to note that the technical analysis discussed previously is not an accurate guarantee of future SHIB price movements. Crypto prices are influenced by various other factors outside technical analysis, such as:

• News and Regulation: Negative news about SHIB or strict government regulations on crypto can drastically impact its price.
• Overall Market Sentiment: If investors in the crypto market as a whole have a negative view, the price of SHIB will likely go down despite the bullish technical analysis.
• Whale Movement: Large buying or selling activities by whales can significantly influence the price of SHIB.

SHIB Fundamental Analysis: Long-Term Opportunity?

Apart from technical analysis, fundamental analysis also plays an important role in assessing SHIB's future potential. Some fundamental factors to consider:

• Launch of Shibarium and TREAT Token: The upcoming launch of Shibarium, the SHIB layer-2 blockchain, and the utility token TREAT could increase the utility and adoption of SHIB, positively impacting its price.
• SHIB Ecosystem Advances: SHIB ecosystem advances, such as the development of new games and decentralized applications (dApps), may attract more users and investors to SHIB.
• Adoption of SHIB by Businesses: If more and more businesses accept SHIB as a means of payment, this will increase the intrinsic value of SHIB.

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Conclusion

• Short-Term Trends vs. Short-Term Trends Long-Term: Even though there are short-term positive signals, it is not certain that SHIB will experience a long-term uptrend. The overall condition of the crypto market and the fundamental development of the SHIB project also need to be considered.
• Opportunities and Risks: Before investing in SHIB, it is important to understand the opportunities and risks. The crypto market is volatile and high-risk.
• Investment Strategy: Implement smart investment strategies, such as only investing funds you are willing to lose and diversifying your crypto investments.

With careful analysis and understanding of the factors that influence prices, you can make the right investment decisions on SHIB.

Cara Beli Shiba Inu (SHIB) di Bittime

You can buy and sell Shiba Inu (SHIB) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy a Shiba Inu (SHIB) at Bittime. 

Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also: 

Crypto News: Whales Buy up to $237.8 Billion in SHIB tokens after Shiba Inu Development: SHIB is on the Rise!

Understanding Effective Crypto Trading Strategies to Achieve Profits

What To Do When Your Portfolio Is Red Due To War? Tips for Overcoming Market Fluctuations

DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.