Crypto analysis: Shiba Inu 4 hour chart analysis

 Shiba Inu chart analysis:

Shiba Inu (SHIB) Shows Strong Recovery, But Caution Is Advised

 

Shiba Inu (SHIB) chart analysis

Shiba Inu (SHIB) is currently trading at $0.00001445, showing a significant increase in value. Since hitting a low of $0.00001078 on August 5, SHIB has gained 30.54%, effectively recovering from the sharp drop in early August that affected many cryptocurrencies.

The Moving Average Convergence Divergence (MACD) indicator, which helps track momentum in price movements, is showing positive signs for SHIB. The green bars above the neutral line suggest that SHIB is gaining strength, indicating an upward trend.

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However, traders should remain cautious. If the MACD line crosses below the signal line, it could signal that negative momentum is building up, potentially leading to a price correction.

In the event of a downturn, Shiba Inu might drop to $0.00001285, a key support level that has been crucial throughout August. This level could provide some stability if the price begins to fall again.

While the recent gains are promising, it's important to keep an eye on the MACD indicator and be prepared for potential changes in the trend.