When we look at the general markets, we see that after starting the week with sales, a horizontal trend dominated towards the end of the week. Towards the end of the day, the Shiba Inu (SHIB) increased by about 5 percent on a daily basis and rose to $ 0.00002240.
Looking at the news feed lately, SHIB has been on the agenda with the latest Shiberse metaverse project, but due to the market drop dominance overall, enough news hasn’t had much impact on the price.
So Which Levels Should Be Considered When We Look Technically?
We can see that the price has been moving in a falling trend since October 28.
Along with the bulk sales last week, there is the area where the buyers and sellers are consolidated and the supply zone, that is, the resistance levels of $0.00000295 – $0.0000031, which can be seen on the left side of the chart.
In order for us to see an uptrend, this order block must be broken and permanent above this region and turn the trend direction up.
Possible target levels to follow in the good scenario would be $0.000039 – $0.000042. On an upside bounce, the band gap of $0.000039 – $0.000042 could act as an important resistance zone. On a weekly basis, if the price can be surpassed by closings above this zone, the $0.000052 level will turn into an important area.
In addition, the RSI, which is in the oversold zone, has similarly turned its direction up. The MACD indicator is also in the positive zone to support the rise.
In the opposite case; In case it loses the current support and with panic selling, possible retracement support levels will be $0.000015 – $0.000013.