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Positive news flow in the cryptocurrency market has led to an increase in many altcoins. On October 24, when Bitcoin reached $35,000, not only the cryptocurrency market but also publicly traded companies focused on Bitcoin experienced significant increases. So, what’s happening with Shiba Inu, the leading meme token market, during this period of continued positive news flow? Let’s examine together.
Shiba Inu Graph Analysis
Shiba Inu broke out of the descending channel formation on the daily chart and gained support from the region that previously acted as resistance, gaining the trust of investors. For SHIB, which has also crossed the EMA 7 and EMA 21 averages, the first target in the long term should be the EMA 200 average of $0.00000830 and above. The upward movement of the formation will accelerate the upward momentum.
The support levels that need to be followed for SHIB are as follows: $0.00000723 / $0.00000714 and $0.00000690. Especially if a daily close occurs below the $0.00000714 level, it will eliminate the upward scenario and the price is expected to be pulled back to the channel support.
The resistance levels that need to be followed for SHIB are as follows: $0.00000752 / $0.00000777 and $0.00000796. Especially the $0.00000777 level, which could not be broken in the first attempt, is a notable resistance recently, and a daily close above this resistance can help the price gain momentum.
Shiba Inu Two-Hour Graph Analysis
Shiba Inu has a widening formation structure on the two-hour chart. In this structure, depending on the breakthroughs that may occur at the support and resistance lines as in every channel formation. Despite many attempts on October 24, SHIB could not surpass the resistance line and experienced a significant sell-off, and then started to strengthen from the support level.
The support levels that need to be followed on the two-hour chart for SHIB are as follows: $0.00000725 / $0.00000714 and $0.00000695. Especially if the double bottom is realized and the $0.00000725 level is broken in the next attempt, and the bar closes below this level, it will cause the price to fall.
The resistance levels that need to be followed for SHIB on the two-hour chart are as follows: $0.00000744 / $0.00000762 and $0.00000777. Especially if a two-hour bar closing occurs above the $0.00000762 level, it will enable SHIB to gain momentum.
