Technical analysis shows that Shiba Ino Now at a critical juncture Where it could bounce back to multi-year highs or break down to retest multiple support levels. In light of this, the latest analysis in TradingView is very important Support and resistance levels which can dictate SHIB's short-term movements. The analysis is carried out on SHIB's daily candlestick chart against Tether (USDT), which shows a significant upside potential towards $0.000045 if key resistance levels are broken.
Major support and resistance levels for the Shiba Inu
According to the analysistwo significant resistance levels are important in SHIB's path to the upside. The first is $0.00003239 and represents an immediate barrier that could attract sellers or take profits. Given that, it is more obvious acted as resistance in December 2024. A decisive move above this level would indicate an uptrend.
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The second resistance level is at $0.00004563 and is psychologically considered an important barrier that may test the strength of the market's optimism. This is because this price level serves as the peak of Shiba Inu's price movement in early 2024. If the bulls make a successful move above $0.00004563, it could signal a move that forces the Shiba Inu to challenge its current highs.
On the downside, there are also two critical support levels that could prevent SHIB from falling further. The first significant support is $0.00001035. The Shiba Inu returned to the upper end of this support zone several times in 2024, with the most notable bounce occurring on August 5th. Historically, this level has shown a lot of buying interest, making it a potential floor for the current trend.
However, the situation could change significantly if the price fails to stay above this critical support level. A break below $0.00001035 is likely to dampen buyer confidence and pave the way for SHIB to test lower levels of support.
SHIB technical indicators and trading strategy
The analysis notes that key indicators, such as MACD and RSI, are currently showing a neutral to slightly bearish sentiment for Shiba Inu. The MACD is flat with minimal movement, while the RSI is hovering near 40, just below the midpoint. These indicators, along with reduced trading volume, suggest that traders are waiting for a decisive breakout or break below the Shiba Inu price.
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For bullish traders, a sustained bullish move at this point could point to a short-term target of $0.00003239 with $0.00004563 as a long-term target. Conversely, a break below $0.00001035 could strengthen the bearish scenario.
At the time of writing, Shiba Inu is trading at $0.00002239, up 8% in the last 24 hours. According to A Similar support level analysis By Cryptocurrency Analyst Ali Martinez, the $0.0000215-$0.0000193 support zone should hold for Shiba Ino to remain bullish.
Featured image created with Dall.E, chart from Tradingview.com
