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.
The post Shiba Inu Faces Key Test: Will Bulls Push SHIB Higher? appeared first on Coin Edition.
