The cryptocurrency market is experiencing its lowest volatility in recent times, drawing attention to Bitcoin and various altcoin projects, including Ethereum. However, the Shiba Inu (SHIB), one of the largest memecoin projects, has not benefited from the recent memecoin hype. Market watchers are curious about SHIB’s future prospects.
Technical analysis of SHIB’s two-hour chart reveals a rising channel formation. After touching the support level, SHIB faced selling pressure as the EMA 200 (red line) acted as resistance, pushing the price back to the formation’s support line.
Key support levels for SHIB on the two-hour chart are $0.00000908, $0.00000895, and $0.00000880. A close below $0.00000908, particularly where it intersects with the formation’s support line, could lead to increased selling pressure.
On the other hand, important resistance levels to watch are $0.00000917, $0.00000927, and $0.00000938. A two-hour bar closing above $0.00000927, intersecting with EMA 21 (blue line), could signal a momentum gain for SHIB.
The SHIB/DOGE pair has seen significant declines recently, influenced by social media platform X’s XPayments initiative, which propelled DOGE’s price. The pair experienced a rise after touching the support level but failed to break through the resistance level.