In the cryptocurrency market, there has been another decline in recent hours. The decline, especially in altcoins, is causing significant losses. Recent geopolitical instability and the possibility of interest rate increases in the US are leading to the sale of risky assets in all markets. So, what is happening with Shiba Inu, one of the biggest meme tokens in the market? Let’s take a look together.
It is difficult to talk about a healthy structure for SHIB, which is trapped in a narrow range on the daily chart. There is no formation formation occurring on the chart, and the price has been in a consolidation phase for a long time, requiring positive news flow to eliminate this situation.
The most important support levels to be considered on the daily chart for SHIB are respectively; $0.00000682 / $0.00000669 and $0.00000651. Especially, a daily bar closure below $0.00000669 would accelerate the price decline.
The most important resistance levels to be followed on the daily chart for SHIB are respectively; $0.00000728 / $0.00000756 and $0.00000778. Especially, breaking the $0.00000778 resistance would lead to reaching the highest level in the last month and accelerate the upward movement.
The noticeable upward trend on the SHIB hourly chart was broken with the recent selling pressure. This situation has caused a significant loss in SHIB’s price. The fact that the EMA 200 average does not work as support also leads to a negative scenario for SHIB.
The most important support levels to be considered on the hourly chart for SHIB are respectively; $0.00000688 / $0.00000682 and $0.00000677. Especially, breaking the $0.00000682 support level and having an hourly bar closure below this level could lead to an increase in selling pressure.
The most important support levels to be considered on the hourly chart for SHIB are respectively; $0.00000695 / $0.00000703 and $0.00000715. Especially, having an hourly bar closure above the $0.00000703 level would lead SHIB to enter an upward trend and experience a price movement above the EMA 7, EMA 21, and EMA 200 levels, triggering an acceleration in the upward movement.