The cryptocurrency market continues to lose strength day by day. Legal issues, especially in the United States and almost all other developed countries, have become one of the main reasons for the long bear market. In such a market environment, although cryptocurrency projects make efforts to develop products, unfortunately, this situation does not reflect on token prices. One of the biggest examples of this situation can be the Shiba Inu team.
SHIB Chart Analysis
The first notable formation on the four-hour SHIB chart is the descending channel formation. The fact that SHIB loses strength at the first resistance break of the formation at EMA 200 average makes things difficult for SHIB. It may be possible to see another resistance break for SHIB, which has been consolidating in the same area for almost two weeks.
The support levels that need to be considered for SHIB are as follows: $0.00000713 / $0.00000695 and $0.00000674. Especially if a 4-hour bar closes below the $0.00000713 level, it will lead to a significant loss of value.
The resistance levels that need to be followed on the four-hour chart are as follows: $0.00000733 / $0.00000750 and $0.00000764. A 4-hour bar closing above the $0.00000764 level can play an important role in price increases.
SHIB 15-Minute Chart Analysis
As can be understood from the bar formations on the 15-minute chart, the volume has significantly decreased on the SHIB side, and with this, both volatility and the number of transactions have decreased significantly. However, it is noteworthy that the recent rise occurs in an ascending channel formation and the subsequent break of the channel’s support.
The support levels that need to be followed for SHIB are as follows: $0.00000723 / $0.00000721 and $0.00000718. A bar closing below the $0.00000723 level can lead to further depreciation.
The resistance levels that need to be followed for SHIB in the short term are as follows: $0.00000727 / $0.00000729 and $0.00000731. If a bar closing above the $0.00000731 level occurs, it can lead to the breakthrough of short-term resistances and the upward break of the channel formation.
