Summary
TLDR: Shiba Inu (SHIB) experienced a bullish bounce after reaching the golden ratio support, with potential for further price rise depending on market sentiment. Monitoring resistance levels and market dynamics is crucial to determine if SHIB is back in an uptrend. Despite a 54% price jump, the MACD lines and RSI indicate potential bullish continuation, but a breach of Fibonacci resistance levels is needed for sustained momentum. In the short term, a potential Golden Crossover may shift sentiment towards bullish, but market conditions are subject to change.
Key Points
1. Shiba Inu (SHIB) experienced a bullish bounce after reaching the golden ratio support, with factors such as market sentiment, investor behavior, and overall cryptocurrency market conditions influencing how far the price might rise from here.
2. The 54% rise in price following the bounce off the Golden Ratio support indicates strong buying pressure in the Shiba Inu market, despite a downward trend in the MACD histogram on the weekly chart. The MACD lines remaining bullishly crossed suggest underlying bullish momentum.
3. Shiba Inu must breach the .382 Fibonacci resistance level at approximately $0.0000288 for a breakout from its descending pattern, and surpass the golden ratio barrier around $0.0000355 to nullify the corrective phase. Monitoring potential resistance levels and market dynamics is essential to assess if Shiba Inu is back in an uptrend.