In the cryptocurrency market, technical analysis emerges as an indicator that investors, especially those trading in the futures market, must continuously monitor. So, what clues does technical analysis provide for Shiba Inu, which at the time of writing is trading at the level of 0.000001085 dollars? We examine it with a detailed chart analysis and important support and resistance levels.
Shiba Inu Chart Analysis
The first notable pattern in the four-hour SHIB chart is the rising channel formation. The resistance break that occurred on December 16th turned out to be a bear trap with only two bar formations. After touching the support line on December 18th, SHIB gained upward momentum and managed to leave many resistances behind.
The most important support levels to follow on the SHIB chart are, respectively; 0.00001072 / 0.00001050 and 0.00001030 dollars. Especially, a four-hour bar close below the 0.00001072 dollar level, which has served as resistance for a long time, will subject the SHIB price to selling pressure in the short term.
The most important resistance levels to watch on the SHIB chart are, respectively; 0.00001093 / 0.00001125 and 0.00001147 dollars. Particularly, a four-hour bar close above the 0.00001093 dollar level, which has been a major obstacle in the last two upward movements, will lead to a significant momentum in the SHIB price.
SHIB/DOGE Chart Analysis
In the SHIB/DOGE pair, the falling channel formation that has been ongoing since August recently broke resistance due to SHIB gaining more value compared to DOGE. Currently, the resistance line continues to act as support in this pair. However, failing to close a bar above the EMA 200 (red line) level could lead to a decline in the pair level.
The most important support levels to follow in the SHIB/DOGE pair are, respectively; 0.0001093 / 0.0001057 and 0.0001029. Especially, a four-hour bar close below the 0.0001093 level, which has played an important role in recent bar closes, will cause SHIB to lose value against DOGE.
The most important resistance levels to pay attention to in the SHIB/DOGE pair are, respectively; 0.0001168 / 0.0001214 and 0.0001250. Particularly, a four-hour bar close above the 0.0001168 level, which intersects with the EMA 200 level, will lead to SHIB gaining value against DOGE.
