The meme coin projects continue to make their mark on the recent surge in the crypto market, with hundreds of projects launched across blockchain ecosystems, particularly starting from the Solana network. However, major meme coin projects like Shiba Inu have not yet experienced the anticipated rise. This summary delves into what is happening on the Shiba Inu front.
The four-hour Shiba Inu chart highlights an ascending channel formation as the first notable structure. The direction of SHIB will likely be determined after a potential support or resistance breakthrough, especially given the recent price compression during the Christmas period.
Key support levels to watch on the four-hour SHIB chart are: $0.00001030, $0.00000997, and $0.00000950. A close below the crucial support level of $0.00000997 could lead to selling pressure on SHIB’s price.
Important resistance levels on the four-hour chart for SHIB are: $0.00001067, $0.00001109, and $0.00001161. A close above the significant barrier of $0.00001109 during the latest upward movements could accelerate SHIB’s momentum.
On the weekly SHIB chart, a descending channel formation stands out since July 2022, providing key insights for investors. Following the recent rise, SHIB has broken through resistance and is gathering strength above the resistance line.
The most crucial support levels on the weekly chart for SHIB are: $0.00000996, $0.00000917, and $0.00000801. A weekly close below the pivotal level of $0.00000996 could lead to a loss of momentum for SHIB’s price.
Key resistance levels to monitor on the weekly chart for SHIB are: $0.00001121, $0.00001289, and $0.00001482. A weekly close above the challenging level of $0.00001121 could propel SHIB’s price to gain further momentum.
