Deciphering Shiba Inu’s Momentum: A Technical Analysis of the Cryptocurrency’s Movements
In the cryptocurrency market, technical analysis is a critical indicator, especially for investors trading in the futures market. So, what clues does technical analysis provide for Shiba Inu, which was trading at $0.00000821 at the time the article was written? We examine in detail with graphs and key support and resistance levels.
Shiba Inu Daily Chart Analysis
The first noticeable pattern structure in the daily Shiba Inu chart is a wedge formation. According to this formation, the breaks seen on both support and resistance lines have remained as wicks, and the structure has provided significant clues to many investors when considering the bar closings. The recent formation around the EMA 200 (red line) level serving as support is providing significant momentum for SHIB.
The most important support levels to watch on the SHIB daily chart are; $0.00000761, $0.00000710, and $0.00000672, respectively. A daily bar closing below the $0.00000672 level, which intersects with the formation support line, will cause a serious loss of momentum for SHIB.
The most important resistance levels to watch on the SHIB daily chart are; $0.00000850, $0.00000917, and $0.00000965, respectively. A daily bar closing above the $0.00000917 level will accelerate SHIB’s price with the formation breakout.
Shiba Inu Two-Hour Chart Analysis
The first noticeable pattern structure in the SHIB two-hour chart is a triangle formation. The price squeezing in a narrow range and staying below the EMA 200 (red line) level is causing fear and anxiety for investors in the short term. Time is running out for SHIB, which has been resisted in its last rally attempt.
The most important support levels to watch on the SHIB two-hour chart are; $0.00000815, $0.00000803, and $0.00000789, respectively. A bar closing below the $0.00000803 level, which intersects with the formation resistance line, will cause SHIB’s price to lose momentum.
The most important resistance levels to watch on the SHIB two-hour chart are; $0.00000839, $0.00000859, and $0.00000872, respectively. A bar closing above the $0.00000839 level will facilitate a breakout of the EMA 200 level and formation.
- Technical analysis reveals SHIB’s critical levels.
- Support and resistance play key roles in SHIB’s trend.
- Momentum hinges upon key formation breakouts.