Analysis: Can Shiba Inu (SHIB) Regain Key Levels?

What analysis would you like to see? Every week we conduct a survey on our social media. Here you can vote for the next altcoin review. This week, SHIBA Inu (SHIB) emerged victorious. Let’s look at the course.

How’s SHIB doing?

From January to February, SHIB saw an increase of almost 100%. That run eventually ended at a level around $0.00001550 (red area), which we also found in October. Compared to this month, the price has reached a new high. This raised the question of where the new low (upper low) would form, as we also describe in this analysis.

For now, this low appears to be around $0.00001000 (blue zone). Especially in November and October, the top and bottom of this box offered a lot of resistance. Now that the price has been here for a while after a major correction, this price seems to have moved from resistance levels to support levels.

Will SHIB set a new record?

To finally break through the red zone in the image above, SHIB must continue its upward trend. To see if this is possible in the short term, we zoomed in from the daily chart to the 4-hour chart. In the image below, we see that the price has dropped below the level of 0.00001144, indicated by the blue line.

Not surprisingly, the price has encountered resistance twice since then. This level was the starting point that propelled the price to its recent high. This suggests that we are talking about a strong level that, at best, will be recaptured as soon as possible.

If we don’t, the new low is likely to be slightly lower. It is especially important to keep an eye on the lower part of the blue box in the first image.

University degree

SHIB’s bullish trend since January is still intact. While SHIB is currently finding support around the $0.00001000 level, a key level on the lower time frame was missed during the recent decline. If we get them back, chances are the SHIB will make a new high. If we don’t, we’ll look further down.