Shiba Inu is showing promising signs of a bullish surge, with its price nearing levels that could propel it towards the $0.00047 target.
Recent technical analysis, based on Fibonacci retracement and extension levels, suggests that SHIB is positioned for a possible upside. However, several key factors need to align for this bullish momentum to hold.
As of press time, SHIB Inu has bounced off the 0.618 Fibonacci retracement level. If the upward movement continues, the token could reach higher targets, including $0.000472065.
SHIB’s recent price action has been closely linked to key Fibonacci retracement and extension levels. The token recently tested the 0.618 retracement level at $0.000031177, which has historically acted as a support zone during retracements.
However, analysts have taken this bounce as a potential signal for further upside movement. Key Fibonacci extension levels, including the 1.272, 1.414, and 1.618 extensions, project price targets of $0.000185720, $0.000182720, and $0.000465559, respectively.
The most positive target, based on the extension levels, is $0.000472065. This would represent a substantial increase from SHIB’s current price.
RSI analysis: Can momentum build?
As of the latest data, the Relative Strength Index (RSI) for Shiba Inu stands at 39.97, just below the neutral 50 level. This indicates that the token is currently in the oversold region, often suggesting that buying pressure could lead to a price reversal.
While an RSI value below 30 is typically considered a strong buying signal, the current RSI suggests that Shiba Inu may be approaching a reversal zone. If the price maintains support at current levels, an uptick in buying interest could push the RSI into a more favorable position, boosting the likelihood of continued upward momentum.
MACD signals: Bearish momentum weakening
The Moving Average Convergence Divergence (MACD) indicator reflects a bearish trend, as the MACD line is below the signal line. The histogram, representing the difference between the two lines, shows red bars, signaling negative momentum.
The bearish momentum appears to be losing strength according to the narrowing histogram. A selling crossover from the MACD line to the signal line could indicate a course reversal, strengthening the possibility of upward price movement.
