The recent surge in the cryptocurrency market has pleased many altcoin investors, but the most valuable memecoin projects, including Shiba Inu, have not performed as expected. The hype around memecoins within the Solana ecosystem has shifted investor interest towards new projects, raising questions about the future of Shiba Inu.
Technical analysis of the daily SHIB chart shows a rising channel formation, with the EMA 200 level acting as a significant support. However, a recent breakdown could instill fear and concern among investors. Crucial support levels to monitor are $0.00000906, $0.00000849, and $0.00000760, with a daily close below $0.00000849 potentially leading to increased selling pressure and a breakdown of the current formation.
On the resistance side, important levels to watch are $0.00000956, $0.00001022, and $0.00001107. A daily close above $0.00000956 could signal a return to the formation structure and set the stage for an upward trajectory.
The hourly SHIB chart highlights a descending channel formation, with a recent support break suggesting a potential downtrend. Increased selling pressure in recent hours is a notable concern for investors.
Key support levels on the hourly chart include $0.00000901, $0.00000890, and $0.00000875. A close below $0.00000901 could accelerate the selling pressure. Resistance levels to consider are $0.00000919, $0.00000933, and $0.00000942, with a close above $0.00000919 possibly leading to a bullish reversal and momentum gain.
