SHIB at a Crossroad: Notable Support and Resistance Ahead
- SHIB’s short-term direction will depend on how it reacts to resistance and support zones.
- A breakout could push SHIB higher, while a breakdown could lead to further declines.
- Market analyst suggests that SHIB’s price action hinges on key levels in the coming days.
Shiba Inu has been trading at $0.00001594 for the last 24 hours, reflecting a 1.14% increase in value. Despite this slight gain, the token has yet to regain its previous highs. Analyst SHIB KNIGHT points out that its short-term valuation movement hinges on important resistance and support levels, with a possible breakout or breakdown depending on how these fundamental boundaries hold up in the coming days.
Resistance and Support Levels Show Clear Direction
The highest resistance level is $0.00001899, which SHIB has struggled to surpass. If the token breaks through this resistance, it could test resistance at around $0.00002000 or even higher. However, SHIB recently faced rejection at these levels, pulling back toward lower zones. On the flip side, support is observed around 0.00001523.
If the token fails to hold this area, further declines may push the price towards $0.00001478 and $0.00001426. These support zones are essential for determining SHIB’s next move in the short term.
The Analysis Suggests Volatile Price Action
The analyst states these resistance and support zones will dictate SHIB’s trajectory and emphasizes the importance of watching prices at these key levels. While the outlook remains uncertain, the present price action aligns with prior trends, indicating that SHIB could face volatility in the short term. Traders must stay alert for any breakouts or breakdowns, which could signal a new trend.
Related: Shiba Inu Sees Renewed Bullish Sentiment Amid Whale Activity
Market Sentiment Shifting Toward Bulls
The latest data from IntoTheBlock’s “Bulls and Bears” chart reveals a shift in investor sentiment for SHIB. Since August 2020, the marketplace has experienced fluctuating sentiment, swinging between rising and falling dominance. In early 2021, SHIB saw a surge, but by mid-2022, the market tilted toward the bears.
As of January, the bulls are gaining control, with the green line rising above the neutral 0-mark, indicating a resurgence in buying activity. The difference between bulls and bears has widened positively, reinforcing the likelihood of a recovery. SHIB’s previous price movement aligns with this sentiment shift, supporting the potential for continued upward momentum. Traders and analysts should closely monitor these shifts in sentiment to predict SHIB’s next move.
