Technical analysis in the cryptocurrency market emerges as an indicator that investors, especially those who trade in the futures market, need to constantly follow. So, what clues does technical analysis provide us for Shiba Inu, which is currently trading at $0.00000853? Let’s examine it in detail with a detailed graph analysis and important support and resistance levels.
Shiba Inu Daily Graph Analysis
The first formation structure that stands out in the daily graph of Shiba Inu is the narrowing wedge formation. During this process, SHIB touched the resistance line three times and experienced noticeable declines after these touches. Especially, EMA 200 (red line) level is of great importance for SHIB, which is trapped in a narrow range after the last resistance touch. If the daily bar closes below this level, it may lead to the target of the support line.
The important support levels that need to be considered in the daily graph of SHIB are respectively $0.0000083, $0.0000076, and $0.0000071. Especially, if the daily bar closes below the $0.0000076 level, it may cause a significant loss of momentum in SHIB price and reach the lowest levels in recent times.
The most important resistance levels to be followed in the daily graph for SHIB are respectively $0.0000091, $0.0000103, and $0.0000117. Especially, if the daily bar closes above the $0.0000103 level, it will contribute to the upward movement of the wedge formation and significant momentum gain in SHIB price.
Shiba Inu Four-Hour Graph Analysis
Although the daily chart of Shiba Inu presents a scenario for a possible decline, this is not currently seen in the four-hour SHIB chart. Moving in an ascending channel formation, SHIB experienced a significant correction after the resistance breakout in October, which turned out to be a bull trap. The recent touches on the support level are strengthening the SHIB price.
The important support levels that need to be followed in the four-hour graph for SHIB are respectively $0.00000847, $0.00000829, and $0.00000800. Especially, if the bar closes below the $0.00000847 level, it may cause a significant loss of momentum in SHIB price.
The most important resistance levels to be considered in the four-hour graph for SHIB are respectively $0.00000871, $0.00000898, and $0.00000918. Especially, if the bar closes above the $0.00000918 level, which has been tested three times since November 13 without success, it will enable SHIB price to gain momentum.
