Cryptoanalysis: New Highs Coming for Shiba Inu?

Shiba Inu has had a few very good weeks. Since mid-October, the currency has only seemed to rise, trying to break above its previous high. If this happens, the coin will break its bearish structure, so let’s take a look at the charts.

How are things going with SHIB?

First, let’s look at the Shiba Inu weekly chart. Here we see the main support and resistance points from the past. The largest value is shown as a gray area in the following graph. This is a zone that has always provided support as Shiba Inu reached $0.000006.

The price rose each time, but this “push” was not enough to reach higher levels. As you can see from the blue arcs, the long-term highs are still lower.

In the short term, this is important to keep in mind as these major charts tend to lead. It’s good to see that Shiba Inu has reached a new low. Just before the gray zone entered, the price spiked.

This suggests that the coin is trying to start an uptrend. Therefore, if the coin surpasses the previous high ($0.000001136), this would be very positive in the long term. In this case, the uptrend continues with higher highs and higher lows.

Short-term interest rate

To analyze this further, let’s also look at the 4-hour chart. Here each candle represents 4 hours, which allows us to better analyze the price in the short term. The same red line can also be seen there.

It’s a shame that Shib is being let go at this point, but the stock remains strong nonetheless. Buyers continue to buy at higher and higher prices. Without a new low, it seems only a matter of time before the coin breaks above $0.000001136. So keep an eye on these price levels, but be cautious at lower lows.