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Technical analysis shows that Shiba Inu currently in critical condition where it may rise again to new multi-year highs or face down to retest several support levels. Because of this, the latest analysis on TradingView highlighted the important support and resistance levels which may determine the temporary movement of SHIB. This analysis was done on the daily candle time chart of SHIB against Tether (USDT), which reveals the potential for a major rally to $0.000045 if key resistance levels are breached.
Major Support Levels and Resistance Levels for the Shiba Inu
According to the analysistwo important resistance levels are important in SHIB’s upward path. The first one is at $0.00003239 and represents an immediate barrier that can attract sellers or trigger profit taking. This is very revealing, in hindsight he acts as a resistance in December 2024. A decisive move above this level will indicate bullish momentum.
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The second resistance level is at $0.00004563 and is considered a psychologically important barrier that may test the strength of the market’s optimism. This is because this price level serves as the peak of the Shiba Inu price movement in early 2024. If the bulls were to complete a successful move above $0.00004563, it could indicate a move that could push the Shiba Inu to challenge its current high.
On the other hand, there are also two important support levels that can prevent further decline in SHIB price. The first notable support is at $0.00001035. The Shiba Inu resurfaced several times at the end of this support zone in 2024, with the most notable jump occurring on August 5. Historically, this level has shown strong buying interest, making it a potential stop in the current trend.
However, if the price fails to hold above this important support level, the situation can change dramatically. A break below $0.00001035 may reduce buyer confidence, paving the way for SHIB to test even lower support levels.
Technical Indicators And SHIB Trading Strategy
The analysis notes that key indicators, such as the MACD and RSI, currently suggest a neutral, slightly bearish sentiment for the Shiba Inu. The MACD is flat with little pressure, while the RSI is hovering around 40, just below the midpoint. These indicators, coupled with low trading volume, suggest that traders are expecting a significant breakout or break below the Shiba Inu price.
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For bullish traders, a sustained rise at this point could point to a target at $0.00003239 in the short term, with $0.00004563 as a long-term target. On the other hand, a break below $0.00001035 would strengthen the bearish position.
At the time of writing, Shiba Inu is trading at $0.00002239 and is up 8% in the last 24 hours. According to a analysis of the level of mutual support by crypto analyst Ali Martinez, the $0.0000215 to $0.0000193 support area should hold for the Shiba Inu to remain bullish.
The featured image was created with Dall.E, a chart from Tradingview.com