Shiba Inu (SHIB) is currently going through a significant correction phase. However, the price has now reached a critical golden ratio support level, which could indicate a possibility for recovery. The popular meme token Shiba Inu’s price is increasing, reflecting a trend seen in many other meme tokens.
Correction Process in Shiba Inu
Shiba Inu has recently encountered significant support at the golden ratio level of about $0.00002 following a notable correction. Previously, the meme token was rejected near the 0.382 Fibonacci resistance point at approximately $0.000037. There is a possibility of an upward trend from the golden ratio support directed towards the significant resistance barrier formed by the 50-day exponential moving average (EMA) at about $0.00002464.
While the Relative Strength Index (RSI) is in the neutral zone, presenting a mixed chart of indicators, EMAs are displaying a golden crossover indicating a bullish trend in the short and medium term. Conversely, the moving average convergence divergence (MACD) lines show a bearish trend. However, the MACD histogram has been showing rising momentum since yesterday. In Shiba Inu’s 4-hour chart, the exponential moving averages (EMAs) have recently formed a death cross indicating a short-term bearish trend.
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However, the MACD lines are currently showing a bullish trend, and the MACD histogram is indicating rising momentum. Despite these contradictory signals, the RSI remains neutral, giving neither bullish nor bearish signals. If SHIB experiences a bullish trend, it could encounter significant Fibonacci resistance levels around $0.0000287 and $0.000035. On the weekly chart, the MACD histogram has been consistently showing a bearish trend for the last three weeks, indicating the potential for the MACD lines to follow a bearish trend. Nevertheless, the RSI remains neutral, lacking clear bullish or bearish signals. If Shiba Inu falls below the golden ratio support level of about $0.00002, it could find significant support around the estimated 50-week exponential moving average (EMA) at $0.00001426.
