In the cryptocurrency market, technical analysis is a critical indicator that investors, particularly those trading in the futures market, need to consistently monitor. So, what clues does technical analysis provide for the Shiba Inu, which was trading at 0.00001003 dollars at the time of writing? We examine this in detail, along with crucial support and resistance levels.
Shiba Inu Chart Analysis
On the daily SHIB chart, an ascending channel formation is noticeable. Although both resistance and support breaks are visible in the formation structure, these breaks appear as bear and bull traps. Despite the resistance line being broken in the latest SHIB rise, the daily bar closure occurred within the formation, causing a correction in the price.
The most important support levels to note on the daily SHIB chart are; 0.00000971, 0.00000922, and 0.00000885 dollars respectively. Specifically, a daily bar closure below the 0.00000971 dollar level, which played a significant role in the last two bar formations, will result in short-term selling pressure on the SHIB price.
The most important resistance levels to monitor on the SHIB chart are; 0.00001028, 0.00001071, and 0.00001102 dollars respectively. Particularly, a daily bar closure above the 0.00001028 dollar level, which emerged as a significant obstacle in the last two bullish moves, will enable the SHIB price to gain significant momentum and break the formation resistance line.
Shiba Inu Weekly Chart Analysis
The most noticeable formation structure on the weekly SHIB chart is the narrowing wedge formation. The breaking of this chart structure with the latest upward move will enable the SHIB price to gain significant momentum. A weekly closure at these levels can allow the SHIB price to break resistance and potentially rise to the 0.00001700 dollar level seen in August 2022.
The most important support levels to monitor on the SHIB chart are; 0.00000899, 0.00000796, and 0.00000693 dollars respectively. Specifically, a weekly bar closure below the 0.00000899 dollar level, which served as resistance for four weeks, will result in selling pressure on the SHIB price.
The most important resistance levels to note on the SHIB chart are; 0.00001075, 0.00001197, and 0.00001388 dollars respectively. Particularly, a bar closure above the 0.00001075 dollar level, which emerged as a significant obstacle in the last upward move, will enable SHIB to gain momentum.