Technical analysis shows that Shiba Inu is currently at a critical moment, where it could either recover to new multi-year highs or face a downturn to retest a few support levels. In this view, a recent analysis on TradingView highlighted important support and resistance levels that could determine SHIB's short-term moves. This analysis was conducted on the daily candlestick chart of SHIB against Tether (USDT), indicating significant bullish potential up to $0.000045 if the key resistance levels are broken.

Key support and resistance levels for Shiba Inu

According to the analysis, two important resistance levels play a crucial role in SHIB's upward path. The first level is $0.00003239 and is an immediate barrier that could attract sellers or trigger profit-taking orders. This reveals more, considering it served as a resistance threshold in December 2024. A decisive move above this level would signal bullish momentum.

The second resistance level is $0.00004563 and is considered an important psychological barrier that could test the strength of market optimism. This is because this price level served as the peak of Shiba Inu's price volatility in early 2024. If buyers successfully make a move above $0.00004563, this could signal a move that would push Shiba Inu to challenge its current all-time high.

On the downside, there are also two important support levels that could prevent SHIB's price from continuing to decline. The first notable support level is $0.00001035. Shiba Inu has rebounded quite a few times at the upper end of this support zone in 2024, with the most significant recovery occurring on August 5th. Historically, this level has proven to be a strong buying interest, making it a potential floor for the current trend.

However, if the price does not hold above this important support level, the situation could change significantly. A break below $0.00001035 could diminish buyer confidence, paving the way for SHIB to test even lower support levels.

Technical indicators and SHIB trading strategies

Analysis notes that key indicators, such as MACD and RSI, currently show a neutral to slightly bearish sentiment towards Shiba Inu. MACD is flat with minimal momentum, while RSI hovers around 40, just below the midpoint. These indicators, along with low trading volume, suggest traders are waiting for a decisive breakout or a breakdown below Shiba Inu's price.

For bullish traders, a stable upward move at this point could indicate a target of $0.00003239 in the short term, with $0.00004563 as a long-term target. Conversely, a breakdown below $0.00001035 could solidify a bearish scenario.

At the time of writing, Shiba Inu is trading at $0.00002239 and is up 8% in the past 24 hours. According to similar support level analysis by cryptocurrency analyst Ali Martinez, the support zone between $0.0000215 and $0.0000193 must hold for Shiba Inu to maintain its upward trend.

DYOR! #Write2Win #Write&Earn $SHIB