- SHIB nears resistance at $0.00003674, with $0.00002000 and $0.00001500 providing key support amid consolidation.
- Analyst notes crucial Fibonacci levels, with $0.000022661 as a key midpoint and $0.000016434 offering crucial support.
- RSI at 41.93 suggests mild bearish momentum, while declining volume suggests potential for a breakout from current ranges.
Shiba Inu (SHIB) is approaching important price zones that may influence its near-term move, according to analysts Pentoshi and Cantonese Cat. Pentoshi noted the potential for a strong breakout above a crucial resistance level, while Cantonese Cat indicated the asset’s current struggle at crucial Fib levels and a key support band. SHIB is showing signs of consolidation after a prolonged bullish rally earlier this year.
Testing Resistance Levels
SHIB’s current price of $0.00002178 is slightly below the resistance levels, as noted by Pentoshi. The asset faces a psychological and technical barrier at $0.00003674, a level repeatedly tested without a clear breakout. Meanwhile, support zones are at $0.00002000 and $0.00001500, providing potential bases if selling pressure intensifies.
SHIB has followed an ascending trend since October, with higher highs and lows indicating its bullish momentum. However, its approach to key resistance could lead to increased market activity. Monitoring for potential breakthroughs or retracements remains crucial.
Fibonacci Levels and Market Bands: Tracking Support
According to Cantonese Cat, SHIB is in important Fib retracement levels from its early 2024 rally. The asset is testing the midpoint (0.5 level) at $0.000022661, a pivotal point for determining its next direction.
Above this level, the Golden Ratio (0.618 level) at $0.000031247 is a crucial resistance zone. Below, support appears at the 0.382 level ($0.000016434), which previously helped stop price corrections.
Additionally, the Bull Market Support Band, ranging from $0.00002067 to $0.000021849, currently complements SHIB’s price. A sustained hold above this support could boost buyer confidence, while a drop may indicate further declines.
Indicators and Volume
Indicators show a mixed sentiment. The RSI is at 41.93, suggesting mild bearish momentum but nearing oversold levels. The MACD remains in the bearish zone, though recent histogram trends hint at reducing downward pressure.
Trading volume has declined compared to the October-November rally, a precursor to breakouts during consolidation. Immediate resistance at $0.00002243 and support at $0.00002134 show the current range. Analysts emphasize the importance of volume and key indicator movements in predicting SHIB’s next move.
