Following the latest increase in Dogecoin’s price, Shiba Inu saw a nice 6.9% gain over the past 24 hours after it fell to a monthly low of $0.0000083 yesterday. While the coin is still bearish, it has bounced slightly to retest the $0.000009 level as resistance.
So far, Shiba Inu has remained on a downward slope since the beginning of the month. Amid the bearish condition, it has shown strength over the past few hours as the price slightly recovers from the current monthly low.
The price broke out from a descending channel overnight after it captured sell actions for over two weeks. This breakout is not considered valid for a buy until the price retest the channel as support. Upon that, it needs to increase well above the $0.00001 level before initiating a buy. It might even lead to a false break –a trap – if the monthly low fails to provide support.
From a technical standpoint, the current surge appears more like a retest than a breakout. But if this breakout turns out true, it would confirm a green light for a short-term bullish. Otherwise, SHIB would continue its monthly sell-off sooner than later.
As it remains bearish on the higher timeframe, the meme coin is currently looking bullish on the lower time frame. Despite all sentiments, it remains the 14th biggest crypto by market cap.
Shiba Price Analysis (SHIBUSDT) – 4-Hour Chart
The asset is currently facing the $0.00000939 resistance level. Rejection is likely to occur at this mentioned level. But if SHIB further increases, the immediate resistance level to keep in mind is $0.0000104, followed by the $0.00001160 resistance level.
In case of price drops, the $0.00000838 level could serve as a retest level for the breakout. If the level fails to contain pressure, the $0.00000771 level would be the following support to keep an eye on. The subsequent support lies at $0.00000715 in case of more drops.
Key Resistance Levels: $0.00000939, $0.0000104, $0.0000116
Key Support Levels: $0.00000838, $0.00000771, $0.00000715
Spot Price: $0.000009
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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