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Things haven’t been going well for SHIB, the second most valuable meme token in the cryptocurrency market. Speaking at the Blockchain Futurist Conference in Toronto, Canada, Shytoshi Kusama, the leader of the Shiba Inu team, announced the launch of Shibarium Layer-2.
After suspending block production due to congestion for security reasons within 24 hours, the network was tested again and it was announced that there were no obstacles for its public launch. However, many SHIB whales sold their assets due to this development, which had a negative impact on the SHIB price.
Shiba Inu Chart Analysis
Despite the negative news flow both for Shiba Inu and the crypto market, SHIB is still maintaining the ascending channel formation that started on June 10th. The price, which has fallen to support levels several times due to bear traps, has managed to rise above the support without closing below it, which has given confidence to investors.
In terms of support levels, the daily EMA 21 level stands out as the first stop for SHIB. The resistance levels to be followed are 0.00000921 / 0.00001169 and 0.000001385 dollars, respectively, if the EMA 21 level corresponding to 0.00000840 dollars is surpassed.
Potential Decline Possibility in SHIB Price
The resistance level has also been tested for a bull trap, but just like in the bear trap, the price closes below the resistance level, postponing the rally expectation for another time. Especially, the price staying below the EMA 200 on the daily chart is a negative situation for any investment instrument. Additionally, the price staying below this level twice in the last 3 months is also a negative situation for SHIB.
Looking at the support levels, three important support levels stand out for SHIB. The level of 0.00000761 dollars is the most important support for the SHIB price as it is also the support level of the channel formation. Then, the levels of 0.00000702 and 0.00000645 dollars are the resistance levels that need to be followed for SHIB.
