Shiba, the second largest meme token in terms of market value, has attracted attention recently due to whale movements. The main reason for this activity is said to be the upcoming release of Shibarium Layer-2 scaling solution. Furthermore, the interest in the meme token has increased as the token burn rate, which reduces the supply of SHIB in circulation, has also increased.
The 4-hour chart shows an 18% increase in SHIB price between July 12th and July 15th. Analyzing the chart with the rising wedge formation after the start of the Ripple and SEC court decision, on July 15th, SHIB faced two rejections at the resistance level of 0.00000854, resulting in a 10.77% drop to the support level of 0.000000765.
On the 4-hour EMA (Exponential Moving Average) chart, the support level at 0.000000761 is currently the most important point and has served as support three times, reaffirming investors’ confidence. After any positive news from this point, the first target price for SHIB is the resistance level of 0.00000870. If the price closes above this level for the first 4 hours, the first and most important target level to consider is the daily EMA 200 level, which corresponds to the target price of 0.00000998.
In the event of a break below the support level seen on the chart, our first support region on the daily chart will be the level of 0.00000737, which has served as support three times. If this support fails and SHIB continues to lose momentum, our support levels will be 0.00000703 and 0.00000645, respectively.
Since February 14th, 2023, when it reached the level of 0.00001577, SHIB price has been in a free fall, but it broke the downtrend on July 15th, 2023. With this development, the line that previously acted as resistance has been serving as support for the past four days. In such structures, the breaking of resistance and then the broken line acting as support is the most important development expected for a healthy rise. For this trend to be broken, SHIB price is expected to close below the level of 0.00000748 for one day.