The first noticeable structure in the daily chart of Shiba Inu is a wedge formation. According to this formation, the breaks seen on the support and resistance lines, considering the wick remains and bar closures, have provided important clues to many investors. The recent structure formed around the EMA 200 (red line) level is gaining significant momentum for SHIB.
The most important support levels to watch on SHIB’s daily chart are; $0.00000761, $0.00000710, and $0.00000672 respectively. A daily bar closure below the $0.00000672 level, which intersects with the formation support line, will cause a serious loss of momentum for SHIB.
The most important resistance levels to watch on SHIB’s daily chart are; $0.00000850, $0.00000917, and $0.00000965 respectively. A daily bar closure above the $0.00000917 level will accelerate SHIB’s price with the formation break.
The first noticeable structure in SHIB’s two-hour chart is a triangle formation. The price being squeezed in a tight range and staying below the EMA 200 (red line) level causes concern and anxiety for investors in the short term. With the last attempt to rise meeting resistance, time is running out for SHIB.
The most important support levels to watch on SHIB’s two-hour chart are; $0.00000815, $0.00000803, and $0.00000789 respectively. A bar closure below the $0.00000803 level, which intersects with the formation resistance line, will cause SHIB’s price to lose momentum.
