The most talked about and followed chart in the cryptocurrency markets in recent weeks is the BTC/USD pair. The lack of a daily close above the $28,000 resistance level has led to volumeless short-term rallies. We are eagerly waiting to see what will happen to Bitcoin currently trading at $28,086. In this article, however, we will examine the charts of SHIB.
Daily Chart Analysis of SHIB
After the Shibarium launch in August, which caused the network to stop block production, many investors sold their SHIB assets. It is not possible to mention any healthy formation structure in the daily chart of SHIB, which has reached its lowest level in recent times. However, if the recent upward movement continues, it may lead to a break in the downtrend.
The most important support levels to be followed in the daily chart of SHIB are respectively; $0.00000692 / $0.00000669 and $0.00000638. Especially, if a daily bar closes below $0.00000638, it may accelerate the decline and this situation can cause a serious problem for Shiba Inu.
The most important resistance levels that should be paid attention to in the daily chart of SHIB are respectively; $0.00000728 / $0.00000756 and $0.00000778. Especially, if a daily bar closes above $0.00000756, it will cause a break in the downtrend and the crossing of the most important resistance level in recent times, accelerating the rise.
Hourly Chart Analysis of SHIB
Since October 12, SHIB price has started to rise, which is reflected in the charts. Especially, the ascending channel formation in the hourly chart of SHIB supports this upward movement. However, despite two breakouts of resistance, SHIB has not delivered as expected, which can be a serious problem.
The most important support levels to be paid attention to in the hourly chart of SHIB are respectively; $0.00000704 / $0.00000700 and $0.00000695. Especially, if the $0.00000695 level is broken, it may invalidate the ascending channel formation and lead to a break of the EMA 200 level.
The most important resistance levels to be paid attention to in the hourly chart of SHIB are respectively; $0.00000709 / $0.00000713 and $0.00000718. Especially, if a breakout above $0.00000718 occurs, it will activate the channel formation and enable the price of SHIB to rise.
