As the cryptocurrency market experiences a phase of optimism, the memecoin craze, particularly within the Solana ecosystem, has escalated to new heights, positively impacting the prices of SOL and AVAX. However, Shiba Inu, one of the largest memecoin projects, has lagged behind the hype. The question arises: what can be expected for SHIB in the upcoming period according to chart analyses?
The daily chart analysis for SHIB reveals a descending channel formation, particularly affected by the negative developments on the Layer-2 network Shibarium, introduced in August 2023, which caused a significant price drop for SHIB. Despite successfully breaking through resistance in this structure, SHIB’s price continues to trade within a narrow range.
Key support levels to watch for SHIB on the daily chart are $0.00000996, $0.00000917, and $0.00000801. A daily close below the critical $0.00000996 level could lead to short-term declines for SHIB.
Important resistance levels on the daily SHIB chart are $0.00001128, $0.00001289, and $0.00001482. A daily close above the significant barrier of $0.00001128 could accelerate SHIB’s price momentum.
The two-hour SHIB chart analysis shows an ascending channel formation. However, volatility weakness that began on December 28 led to a support break, increasing the likelihood of a short-term negative scenario. The EMA 200 (red line) acting as support at this point raises the possibility of a bear trap.
For the two-hour SHIB chart, the crucial support levels are $0.00001049, $0.00001029, and $0.00001006. A two-hour close below the pivotal $0.00001049 level could cause SHIB’s price to lose momentum. Key resistance levels to watch are $0.00001065, $0.00001091, and $0.00001127. A two-hour close above the significant hurdle of $0.00001065 could help SHIB’s price gain momentum.