Shiba Inu's Price Analysis: Navigating Support and Resistance Trends

Daily Chart Insights on Shiba Inu

In analyzing the daily chart for Shiba Inu (SHIB), a prominent feature is the resistance line that has been a significant barrier since February 2023. Overcoming this resistance line is essential for SHIB's future gains, as evident from the short-lived breakouts in August and November which led to losses, especially for futures traders.

On the daily chart, critical support levels for SHIB are identified at $0.00000761, $0.00000710, and $0.00000665. A closure below the $0.00000761 mark, a pivotal point in the November 21st drop, could significantly hinder SHIB’s momentum.

Conversely, the key resistance levels to observe are $0.00000807, $0.00000850, and $0.00000917. Successfully closing above $0.00000807, intersecting with the 200-day Exponential Moving Average (EMA), could propel SHIB’s short-term momentum.

Four-Hour Chart Perspectives on Shiba Inu

Shifting to the four-hour chart, an initial observation is the ascending channel pattern. However, recent declines saw SHIB fall below its support line, indicating a loss of upward momentum. The struggle to overcome the EMA 200 level (red line) further suggests challenges ahead for SHIB.

For short-term traders, crucial support levels on the four-hour chart are placed at $0.00000788, $0.00000762, and $0.00000741. A drop below the key support level of $0.00000762, which significantly impacted the recent decline, could lead to further momentum loss for SHIB.

As for resistance, levels to monitor are $0.00000810, $0.00000827, and $0.00000843. A breakthrough above the $0.00000810 mark, coinciding with the EMA 200, could provide a much-needed boost to SHIB’s short-term trajectory.