SHIB rose as much as 12% this week. This brings memecoin closer to major resistance. However, if the coin surpasses this, the price could reach a value of $0.000017. Let’s look at the graphs.
Resistance around 0.00001136
First we use the weekly chart of SHIB. This is important for looking back at price history. This highlights the key price levels that can influence the price. Below we see this as a gray zone, a red line and a blue line, but first let’s briefly talk about the trend.

Shiba Inu have been recording lower and lower highs and lows for months. The coin is in a downtrend, but recently made its first higher low (see the last blue arc). This happened after the coin entered the gray zone.
This location is currently SHIB’s largest support point. The price has never closed below this value and we would like to keep it that way. A drop below this level could spell disaster for the SHIB price, but the higher low makes this a very unlikely scenario.

SHIB looks good because a higher low is usually followed by a higher high. To achieve this, the coin must first overcome significant resistance. I’m talking about the red line at $0.00001136: the point of the previous high.
Are you going to $0.000017?
To illustrate this a little better, let’s also take a look at the daily chart. Here each candle represents not 7 days, but 24 hours. This allows us to better see the price movements of the past few days. If SHIB manages to break the red line, the downtrend will be broken and a clear level will emerge that could become interesting in the long term.

The blue line at $0.00001704 comes from a previous low, making it a popular profit spot for many investors. If this line is reached, the price could gain downward momentum, but this also makes this point a realistic long-term target. To achieve this, the coin would have to continue its upward trend and, above all, not reach lower lows.
However, this is already a bit premature, because we need to start an uptrend first. As it stands, SHIB will try to break the red line, but it remains to be seen whether this will succeed – and thus set the positive scenario in motion.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.