In the cryptocurrency market, technical analysis is a key indicator, especially for investors dealing in the futures market who need to monitor it continuously. What clues does the technical analysis provide for Shiba Inu, which was trading at the level of 0.00001043 dollars at the time the article was written? We examine it in detail, along with the analysis of graphs and significant support and resistance levels.
Shiba Inu Chart Analysis
The most significant formation structure on the weekly SHIB/USDT chart is the contracting wedge formation. This structure has continued since the increase in momentum in July and has closed above the resistance level after the breakout that occurred last week. This week, SHIB, facing selling pressure while the rise continues, maintains hope for an upward scenario.
The most important support levels to follow on the weekly SHIB/USDT chart are, respectively, 0.00000899 / 0.00000796, and 0.00000693 dollars. In particular, a weekly bar closing below the 0.00000899 dollar level, which intersects with the EMA 21 (blue line), will cause SHIB’s price to lose momentum.
The most important resistance levels to watch on the SHIB/USDT chart are, respectively, 0.00001075 / 0.00001197, and 0.00001388 dollars. Especially a weekly close above the 0.00001197 dollar level, which has been a significant barrier in this week’s upward momentum, will help SHIB’s price to gain momentum.
SHIB/BTC Chart Analysis
On the daily SHIB/BTC chart, the decline continued up to today after the news flow in August. Accordingly, many users sold SHIB after the launch of Shiba Inu’s Layer-2 network, Shibarium, which then halted the network’s block production. However, the past day has seen a breakout in the falling channel formation as SHIB gained value against Bitcoin.
The most important support levels to consider on the SHIB/BTC chart are, respectively; 243 / 225 and 207 levels. Especially if the price drops to the 225 level, it will cause the pair to enter into a formation structure, which could lead to selling pressure on the SHIB side.
The most important resistance levels to monitor on the SHIB/BTC chart are, respectively; 278 / 301 and 324 levels. Especially a daily bar closing above the 278 level will allow the pair to trade above EMA 200 (red line) and overcome a significant resistance.
