While some meme coins have recently tapped a new weekly high, Shiba Inu is still trading sideways and has yet to find a breakthrough. The price must surpass a key resistance level to activate a bullish trajectory.
After breaking down to retest a crucial resistance line – as support – in March, SHIB’s price bounced to the breakdown level of $0.000012 but failed to reclaim it. That level acted as a tough resistance since then.
This resistance level, which has suppressed a lot of buying actions in the past weeks, is still posing threat to the buyers. The price has remained stuck under it. Yesterday’s drop saw the price to a weekly low of $0.0000105 but later recovered to where it is priced at $0.000011.
It pinned support at that level and showed signs of strength today. However, the trading volatility is still insignificant. But we can expect a big explosion if the price advances higher.
Surpassing the mentioned resistance level could fuel a huge rally to the February high, bringing back a full recovery in price. A further increase above that high should activate a bull run from a mid-term perspective.
In case of bearish actions, the support level to watch for a breakdown lies at March low level. Such a scenario could cause a devastating price drop if it occurs. As it stands now, SHIB looks indecisive on a daily.
SHIB Key Levels To Watch
The potential buying target to watch above the suppressing $0.0000117 resistance level is $0.0000129 and potentially $0.000014. The $0.0000157 level remains a key breakpoint for a mid-term bullish.
While SHIB holds immediate support above the $0.0000105 level, the lower support to consider lies at $0.00000936. The next one is found at $0.0000084.
Key Resistance Levels: $0.0000117, $0.0000129, $0.000014
Key Support Levels: $0.0000105, $0.00000936, $0.0000084
- Spot Price: $0.000011
- Trend: Neutral
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: ivanbabydov/123RF // Image Effects by Colorcinch
