The fear and anxious anticipation that started in traditional markets this week is having a deeper impact on the cryptocurrency market. Geopolitical instability on a global scale triggers capital outflows from risky assets. As a result of these developments, crypto assets, especially in the altcoin market, are facing significant value losses. In this article, we will examine the Shiba Inu community’s token, SHIB.
SHIB Chart Analysis
With the recent developments in the past two days, SHIB has lost a very important support level. The breakdown of the ascending channel formation on the four-hour chart has led to increased losses. The rejection of the formation resistance trendline by the last two uptrends has ignited the downtrend.
The support levels to be observed on the four-hour chart for SHIB are respectively 0.00000681 / 0.00000673 and 0.00000660 dollars. The significant support seen at the closing of the last bars at the level of 0.00000681 emphasizes the importance of this level. If an hourly bar closes below this level, it will cause the price to fall.
The resistance levels that should be considered for SHIB on the four-hour chart are respectively 0.00000697 / 0.00000714 and 0.00000727 dollars. Especially, the occurrence of a four-hour bar closing above the level of 0.00000714 will help both the return to the formation and the acceleration of the uptrend.
SHIB Hourly Chart Analysis
In this chart that concerns futures traders, SHIB price has been going through an accumulation process for the past two days. This indicates that in the hours when SHIB reaches its lowest levels, a volumeless environment has formed for the cryptocurrency asset and investors have become disinterested. Recent declines in SHIB clearly highlight this situation.
The support levels that should be considered for SHIB on the hourly chart are respectively 0.00000681 / 0.00000672 and 0.00000666 dollars. Especially, a closing below the 0.00000681 dollar level, which has served as support in the recent bars, will accelerate the downtrend.
The resistance levels that should be considered for SHIB on the hourly chart are respectively 0.00000688 / 0.00000693 and 0.00000698 dollars. Especially, a closing above the 0.00000698 dollar level will enable the EMA 7 and EMA 21 levels to act as support and will also signify the end of the accumulation process.
