• SHIB tests crucial resistance at $0.000014

  • Breakout or pullback depends on trading volume

  • Key support and resistance levels guide short-term direction

Shiba Inu’s price is approaching a crucial resistance level of $0.000014, according to trader SHIB KNIGHT. While recent gains suggest an upward trend, the SHIB/USDT chart reveals a period of consolidation near this level.

This consolidation highlights the importance of key support and resistance levels. SHIB finds support at $0.0000136 and $0.0000138. Resistance looms at $0.0000142, $0.0000145, and $0.0000149. The current price action suggests a potential pullback, but previous bullish momentum leaves room for a breakout.

$SHIB is forming an uptrend since yesterday. Here is 2Hours chart targets👇 pic.twitter.com/MNsUlAFlLs

— $SHIB KNIGHT (@army_shiba) August 22, 2024

However, the SHIB/USDT 2-hour candlestick chart shows the price consolidating near this level. The chart also highlights several key support and resistance levels.

Key support levels are at $0.0000136, $0.0000137, and $0.0000138, with the latter closest to the current price. Resistance levels are at $0.0000142, $0.0000145, and $0.0000149. SHIB is currently hovering near the $0.0000142 resistance, which has seen recent testing.

Market sentiment leans slightly bearish, as indicated by a red candlestick near the current price. However, previous bullish momentum hints this could be a temporary pullback. The chart’s focus on horizontal support and resistance lines emphasizes these key price levels.

What’s Next for SHIB?

  • Bullish Scenario: If SHIB breaks above the $0.0000142 resistance with strong volume, it could aim for the next resistance levels at $0.0000145 and $0.0000149.

  • Bearish Scenario: If SHIB fails to hold above $0.0000142 and drops below support at $0.0000138 or $0.0000137, it could test the lower support at $0.0000136.

To consider are the signals of the upper wicks on recent candlesticks indicate selling pressure near resistance. Traders should closely watch for a breakout above resistance or a pullback to lower support levels. These movements will likely determine SHIB’s short-term direction.

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