Technical analysis is crucial for cryptocurrency investors, particularly in the futures market. Shiba Inu, trading at $0.000001085 at the time of writing, is under scrutiny as we delve into its detailed chart analysis, identifying key support and resistance levels.
The four-hour SHIB chart showcases a rising channel formation, with a resistance break on December 16 that turned out to be a bear trap after only two bars. On December 18, SHIB touched the support line and has since been on an upward trajectory, breaking through several resistances.
Critical support levels for SHIB to watch are $0.00001072, $0.00001050, and $0.00001030. A four-hour bar close below the $0.00001072 level, which has acted as resistance for a long time, could lead to short-term selling pressure on SHIB’s price.
On the flip side, key resistance levels to monitor are $0.00001093, $0.00001125, and $0.00001147. A four-hour bar close above the $0.00001093 level, which has been a significant barrier in the last two rallies, could trigger a strong momentum in SHIB’s price.
The SHIB/DOGE pair has broken through a descending channel that has been in place since August, with SHIB gaining more value compared to DOGE recently. The resistance line is now acting as support, but failure to close above the EMA 200 level could lead to a decline in the pair’s value.
Important support levels for the SHIB/DOGE pair are $0.0001093, $0.0001057, and $0.0001029. A four-hour bar close below the $0.0001093 level, which has been pivotal in recent closes, could result in SHIB losing value against DOGE.
Conversely, significant resistance levels to consider are $0.0001168, $0.0001214, and $0.0001250. A four-hour bar close above the $0.0001168 level, intersecting with the EMA 200, could enhance SHIB’s value against DOGE.