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Analysis of Shiba Inu’s Performance in the Cryptocurrency Market

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You can also read this news on COINTURK NEWS: Analysis of Shiba Inu’s Performance in the bitcoin Cryptocurrency Market
The cryptocurrency market has recently experienced some of the lowest volatility levels, drawing everyone’s attention. During this period, interest in Bitcoin has shifted towards many altcoin projects, including Ethereum. However, the recent memecoin hype has not pleased investors of one of the largest memecoin projects, Shiba Inu. So, what is expected for SHIB? Let’s take a look.
Shiba Inu Chart Analysis
The two-hour SHIB chart highlights an ascending channel formation that is attracting attention. Recently, after touching the support level, the resistance of the EMA 200 (red line) led to selling pressure on the SHIB front, causing the price to touch the formation’s support line again.
The most important support levels to watch on the two-hour SHIB chart are; 0.00000908 / 0.00000895 and 0.00000880 dollars, respectively. Particularly, a two-hour bar closing below the 0.00000908 dollar level, which intersects with the formation support line, could result in SHIB facing selling pressure.
The most important resistance levels to watch on the two-hour SHIB chart are; 0.00000917 / 0.00000927 and 0.00000938 dollars, respectively. Especially, a two-hour bar closing above the 0.00000927 dollar level, which intersects with the EMA 21 (blue line), will likely accelerate SHIB’s momentum.

SHIB/DOGE Chart Analysis
The SHIB/DOGE pair has experienced one of the most notable declines recently. A social media platform’s introduction of XPayments significantly boosted the price of DOGE, which was clearly reflected in the SHIB/DOGE pair. After touching the support level in the recent drop, the pair saw an increase but failed to surpass the resistance level.
The most important support levels to watch in the SHIB/DOGE pair are; 0.0001091 / 0.0001077 and 0.0001055, respectively. In particular, a two-hour bar closing below the 0.0001091 level, which has played a significant role in recent bar formations, will lead to SHIB losing value against DOGE.
The most important resistance levels to watch in the SHIB/DOGE pair are; 0.0001112 / 0.0001132 and 0.001148, respectively. Especially, a two-hour bar closing above the 0.0001112 level, which intersects with the EMA 7 (green line), will likely result in SHIB gaining value against DOGE.

The post first appeared on COINTURK NEWS: Analysis of Shiba Inu’s Performance in the Cryptocurrency Market

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