Technical analysis in the cryptocurrency market is an indicator that investors, especially those trading in the futures market, need to constantly follow. So what clues do technical analysis provide for Shiba Inu, which is currently trading at $0.00000890? Let’s examine it in detail with a thorough chart analysis and important support and resistance levels.
Shiba Inu Four-Hour Chart Analysis
The first notable formation on the four-hour SHIB chart is the ascending channel formation. Although there have been breakouts of support and resistance within this formation, the fact that the bar closures occur within the formation indicates that the formation is strong. On November 10th, SHIB experienced a significant drop after touching the resistance line.
The most important support levels to watch on the SHIB four-hour chart are $0.00000865, $0.00000844, and $0.00000823, respectively. Particularly, a bar closure below the $0.00000823 level would disrupt this formation. In that case, the target level for SHIB would be the 200 EMA (red line) at $0.00000761.
The most important resistance levels to watch on the SHIB four-hour chart are $0.00000904, $0.00000938, and $0.00000958, respectively. Especially, a breakout above the $0.00000958 level would indicate a resistance breakout in the formation and accelerate SHIB’s upward momentum.
SHIB/BTC Chart Analysis
The most significant chart formation for SHIB occurred in the SHIB/BTC pair. After recent developments, a breakout of the descending channel formation occurred, followed by a breakout of the downtrend after a long period. If the resistance level acts as support in the latest bar structure, it will strengthen the price of SHIB.
The notable support levels to watch on the SHIB/BTC daily chart are 232, 220, and 209, respectively. Particularly, a daily bar closure below the 232 level would re-enter the formation and result in a loss of upward momentum.
The important resistance levels to watch for SHIB/BTC are 252, 266, and 277, respectively. Especially, a daily closure above the notable 252 level in the recent uptrend will enable SHIB to gain value against Bitcoin.
