Shiba Inu (SHIB) has recently experienced a notable price movement, surging only to encounter resistance at the $0.00001429 mark. Despite this recent pump, the coin has seen a subsequent 2.38% decrease in its value, which stands at $0.00001396 as per the chart presented by SHIB KNIGHT. As traders and investors monitor the price action, several critical levels on the 2-hour chart will likely influence future movements.
The price action of SHIB/USDT reflects an ongoing downward trend, tempered by a minor recovery. Currently, the coin is approaching key resistance levels that could determine its near-term trajectory. The primary resistance level to watch is $0.00001618.
If SHIB manages to break through this upper resistance, it may signal a reversal from the prevailing downtrend. However, if the coin remains below this level, the bearish sentiment could persist.
Shiba Inu Sees a Potential 354% Surge, Targets $0.000081Another significant resistance level is $0.00001502. This level, positioned below the highest resistance, is expected to present additional challenges for SHIB. The price recently tested the $0.00001429 resistance but faced rejection, highlighting its importance as a short-term barrier.
On the support side, $0.00001313 is a crucial level. If SHIB fails to overcome the immediate resistance, it might test this support level. Should the price dip below $0.00001313, it could lead to further declines. Another support level to watch is $0.00001279, which may come into play if the downward momentum continues.
The current outlook for SHIB suggests a bearish sentiment. With the price below multiple resistance levels, there is a risk of further declines if the support at $0.00001313 fails to hold. However, a breakout above the $0.00001429 resistance with strong volume could signal a potential reversal. Such a move might propel the price towards $0.00001502 or even $0.00001618.
At press time, Shiba Inu’s price is $0.0000138 with a trading volume of $302,326,262 over the past 24 hours. The cryptocurrency has seen a 3% increase in this period.
The 1-day Relative Strength Index (RSI) stands at 38.01, suggesting that SHIB might be approaching oversold conditions. Additionally, the 1-day Moving Average Convergence Divergence (MACD) trading below the signal line hints at a potential buying opportunity for those looking to capitalize on a possible price reversal.
