Check out the latest information in Spanish.
According to technical analysis, the Shiba Inu We are currently at a critical crossroads Here, it could either bounce back to multi-year highs or face a decline to retest some support levels. With this in mind, TradingView’s recent analysis reveals something important. support and resistance levels That could influence SHIB’s short-term movements. This analysis is done on a daily candlestick timeframe chart of SHIB vs. Tether (USDT) and reveals the potential for significant upside towards $0.000045 if it breaks through the key resistance level. It has become.
Main support and resistance levels for Shiba Inu
According to the analysistwo key resistance levels are important on SHIB’s path up. The first is $0.00003239, which represents an impending hurdle that could attract sellers or trigger profit taking. This is more obvious if you consider this acted as a resistance A decisive move above this level would indicate bullish momentum.
Related books
The second resistance level is $0.00004563, which is considered a psychologically important barrier that could test the strength of market optimism. This is because this price level will be the peak of Shiba Inu price fluctuations in early 2024. If the bulls manage to rally above $0.00004563, it could signal a move for the Shiba Inu to challenge the current highs.
On the downside, there are also two important support levels that could prevent further decline in SHIB price. The first notable support is $0.00001035. Shiba Inu has bounced at the upper end of this support zone multiple times in 2024, with the most notable bounce occurring on August 5th. Historically, this level has indicated strong buying interest and could be the lower bound of the current trend.
However, if the price fails to sustain above this important support level, the situation could change significantly. A break below $0.00001035 is likely to reduce buyer confidence, potentially paving the way for SHIB to test further lower levels of support.
Technical indicators and SHIB trading strategy
Our analysis notes that key indicators such as MACD and RSI are currently suggesting neutral to slightly bearish sentiment towards Shiba Inu. The MACD is flat with minimal momentum, while the RSI is hovering around 40, just below the midpoint. These indicators, coupled with subdued trading volumes, suggest that traders are waiting for a definitive breakout, or a break below the Shiba Inu price.
Related books
For bullish traders, the current stable uptrend could point to $0.00003239 as a short-term target and $0.00004563 as a long-term target. Conversely, a break below $0.00001035 could strengthen the bearish scenario.
At the time of writing, Shiba Inu is trading at $0.00002239, up 8% in the past 24 hours. According to Similar support level analysis According to cryptocurrency analyst Ali Martinez, the support zone between $0.0000215 and $0.0000193 needs to hold for Shiba Inu to remain bullish.
Featured image created by Dall.E, chart on Tradingview.com
