Shiba Inu Analyzes Key Support and Resistance Levels for Price Movement
Technical analysis indicates that Shiba Inu is at a critical juncture where it could either rebound to new multi-year highs or decline to retest support levels. Recent analysis on TradingView highlights essential support and resistance levels that may influence SHIB's short-term movements. The daily candlestick chart against Tether (USDT) suggests potential for a significant rally toward $0.000045 if key resistance levels are surpassed.
Major Support And Resistance Levels For Shiba Inu
According to the analysis, two significant resistance levels are crucial for SHIB's upward movement. The first resistance at $0.00003239 represents an immediate hurdle that could attract sellers or trigger profit-taking. This level previously acted as resistance in December 2024. A decisive move above this threshold would indicate bullish momentum.
The second resistance is at $0.00004563, serving as a psychologically significant barrier that might test market optimism. This price level marks the peak of Shiba Inu's movement in early 2024. A successful breach above $0.00004563 could lead Shiba Inu to challenge its all-time high.
On the downside, the notable support level is at $0.00001035. Shiba Inu has rebounded multiple times from this support zone in 2024, with a significant bounce occurring on August 5. Historically, this level has shown strong buy interest, making it a potential floor for the current trend.
If the price fails to maintain above this critical support, a break below $0.00001035 could undermine buyer confidence, leading SHIB to test lower support levels.
Technical Indicators And SHIB Trading Strategy
The analysis notes that key indicators, such as the MACD and RSI, suggest a neutral to slightly bearish sentiment for Shiba Inu. The MACD shows minimal momentum, while the RSI hovers near 40, slightly below the midpoint. These indicators, along with low trading volume, imply that traders are awaiting a decisive breakout or breakdown of Shiba Inu's price.
For bullish traders, a stable upward movement could target $0.00003239 in the short term, with $0.00004563 as a longer-term goal. Conversely, a break below $0.00001035 could reinforce a bearish scenario.
Currently, Shiba Inu is trading at $0.00002239, reflecting an 8% increase over the past 24 hours. According to a similar support level analysis by crypto analyst Ali Martinez, the $0.0000215 to $0.0000193 support zone must hold for Shiba Inu to remain bullish.
