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Recent developments in the cryptocurrency markets have led many popular altcoins to reach their lowest levels in recent times. The emergence of geopolitical instability in the world agenda following periods of low trading volumes has caused significant damage to many investment instruments. In this article, we will examine the graph of SHIB, which has remained silent in recent times, and determine its support and resistance levels.
Shiba Inu Graph Analysis
The congestion problem during the launch of Shibarium, the Layer-2 network presented to users by the Shiba Inu team with great hopes, accelerated SHIB sales. The decline, which started in the last days of August, continues to deepen day by day, and this situation is also reflected in the graphs. The descending wedge formation on the four-hour chart is an example of this.
For SHIB, the important support levels that investors trading in the futures market should pay attention to on the four-hour chart are as follows: $0.00000686 / $0.00000675 and $0.00000659. Especially, if a four-hour closing occurs below the $0.00000675 level, it may lead to the loss of the support line and an acceleration in the decline.
The resistance levels that need to be followed for SHIB are respectively: $0.00000696 / $0.00000706 and $0.00000718. Particularly, if the $0.00000718 level is exceeded, we may see a short-term trend reversal and an increase in the parity. However, the breakthrough of the $0.00000730 level, which corresponds to the EMA 200 average, can help accelerate the rise of SHIB.
SHIB Market Value Analysis
Shiba Inu, which reached a market value of nearly $7 billion with the Shibarium launch, experienced a value loss of almost 40% after breaking its all-time high in recent times. After the period when whales made significant purchases, investors continue to exit due to the troubled process in Shibarium, accepting the loss.
The support levels that need to be paid attention to in SHIB’s market value are respectively: $3.987 billion / $3.833 billion and $3.701 billion. Since these levels are determined based on circulating SHIB and token prices, they can be monitored with peace of mind. A rise here will play a major role in the maturity of SHIB’s price.
The resistance levels that need to be paid attention to in market value are respectively: $4.159 billion / $4.229 billion and $4.405 billion. Especially, the breakthrough of the $4.405 billion level will provide a resistance break in the descending channel formation and help accelerate the rise.
