Shiba Inu (SHIB) currently rests at a critical juncture of Golden Ratio support. This juncture poses the question: will the SHIB price rebound bullishly or succumb to a bearish breakout?

There is potential for an upward movement characterized by a bullish bounce. Conversely, there is also the possibility of a bearish breakout. The outcome hinges on how the market responds to this pivotal support level.

The SHIB price has remained steady at the golden ratio support around $0.0000205 for the past month, displaying signs of a bullish rebound this month. This suggests a potential initiation of an upward movement.

Moreover, the Moving Average Convergence/Divergence (MACD) histogram on the monthly chart indicates a continued bullish trend, with the MACD lines maintaining a bullish crossover and the Relative Strength Index (RSI) hovering in neutral territory.

Currently, the SHIB price appears poised to revisit the Golden Ratio support at approximately $0.0000205. In the weekly chart, the MACD lines are nearing a bearish crossover, while the MACD histogram has been displaying a downward trend for several weeks, signaling a bearish sentiment.

Meanwhile, the RSI indicates neutrality. Should Shiba Inu undergo a bearish breach of the Golden Ratio support at $0.0000205, the subsequent notable support level lies around the 50-week EMA at roughly $0.0000155.

In the daily chart, a bearish crossover has occurred with the MACD lines, and the MACD histogram indicates a downward trend, suggesting a bearish sentiment. However, the RSI is currently in neutral territory.

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

Moreover, the EMAs maintain a golden crossover, indicating a bullish trend in the short to medium term. Despite this, Shiba Inu faces significant resistance at the 50-day EMA, approximately at $0.000024.

Key Fibonacci resistances lie ahead, around $0.0000288 and $0.000035. Shiba Inu must breach the golden ratio resistance at approximately $0.000035 to negate the corrective movement, continuing its upward trajectory.

Shiba Inu’s 4-hour chart shows a death cross, affirming the short-term bearish trend. Nevertheless, there’s potential for a bullish crossover, as indicated by the MACD lines, supported by the bullish uptick in the MACD histogram.

Despite this, near-term projections suggest Shiba Inu may revert to testing Golden Ratio support levels.

In Shiba Inu’s 4-hour chart against BTC, a death cross has emerged, validating the prevailing short-term bearish sentiment. However, Shiba Inu faces notable Fibonacci support at the .382 Fib level.

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

This could potentially trigger a bullish rebound for SHIB price from this support level.

The post Shiba Inu (SHIB) Bounces: Is a Bullish Trend Emerging? appeared first on BeInCrypto.

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