Technical analysis is a crucial indicator that investors, especially those involved in futures trading, need to constantly monitor in the cryptocurrency market. So what insights does technical analysis provide for Shiba Inu, which is currently trading at $0.00000898? Let’s take a detailed look at the charts, important support and resistance levels.
A notable formation has not yet emerged on the two-hour chart for SHIB, but the support line is worth watching, especially for futures traders. Breakouts on this support line, formed in the early days of November, have only been temporary, and we cannot speak of any bear traps. The fact that the support line is above the EMA 200 level (red line) creates a positive environment for SHIB.
The important support levels to watch for SHIB are $0.00000864, $0.00000844, and $0.00000827. If a two-hour bar closes below the $0.00000827 level, it may lead to a breakdown below the support line and a price movement below the EMA 200 level. This development would slow down the upward momentum in SHIB’s price.
The important resistance levels to watch for SHIB are $0.00000898, $0.00000916, and $0.00000938. If a bar closes above the $0.00000938 level, which has been a significant barrier in the recent uptrend, it will lead to an increase in SHIB’s price momentum.
There is a narrowing structure on the weekly chart for SHIB. In such structures, significant price increases or notable price declines often occur after the final squeeze. Support or resistance breakouts will assist investors in this regard.
The important support levels to watch for SHIB on the weekly chart are $0.00000774, $0.00000667, and $0.00000548. If a weekly bar closes below the $0.00000667 level, it could indicate a significant downward scenario for SHIB’s price.
The important resistance levels to watch for SHIB on the weekly chart are $0.00000963, $0.00001058, and $0.00001187. If a weekly bar closes above the $0.00001058 level, it could lead to a significant uptrend for SHIB.