Summary
TLDR; Shiba Inu (SHIB) is experiencing a corrective phase but has reached a crucial golden ratio support level, indicating a possible bullish rebound. The price surge mirrors other memecoins, raising questions about the rise of memecoins. Technical indicators show mixed signals but suggest a potential bullish upturn. Despite a recent steep fall, SHIB still shows bullish indicators in the monthly chart and rose significantly against Bitcoin last month. Always conduct your own research and consult with a professional before making any financial decisions.
Key Points
1. 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.
2. 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?
3. 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.