Shiba Inu Faces Key Test: Will Bulls Push SHIB Higher?

Shiba Inu’s price is approaching a crucial resistance level of $0.000014, according to trader SHIB KNIGHT. While recent gains suggest an upward trend, the SHIB/USDT chart reveals a period of consolidation near this level.

This consolidation highlights the importance of key support and resistance levels. SHIB finds support at $0.0000136 and $0.0000138. Resistance looms at $0.0000142, $0.0000145, and $0.0000149. The current price action suggests a potential pullback, but previous bullish momentum leaves room for a breakout.

$SHIB is forming an uptrend since yesterday.

Here is 2Hours chart targets👇 pic.twitter.com/MNsUlAFlLs

— $SHIB KNIGHT (@army_shiba) August 22, 2024

However, the SHIB/USDT 2-hour candlestick chart shows the price consolidating near this level. The chart also highlights several key support and resistance levels.

Key support levels are at $0.0000136, $0.0000137, and $0.0000138, with the latter closest to the current price. Resistance levels are at $0.0000142, $0.0000145, and $0.0000149. SHIB is currently hovering near the $0.0000142 resistance, which has seen recent testing.

Market sentiment leans slightly bearish, as indicated by a red candlestick near the current price. However, previous bullish momentum hints this could be a temporary pullback. The chart’s focus on horizontal support and resistance lines emphasizes these key price levels.

What’s Next for SHIB?

• Bullish Scenario: If SHIB breaks above the $0.0000142 resistance with strong volume, it could aim for the next resistance levels at $0.0000145 and $0.0000149.
• Bearish Scenario: If SHIB fails to hold above $0.0000142 and drops below support at $0.0000138 or $0.0000137, it could test the lower support at $0.0000136.

To consider are the signals of the upper wicks on recent candlesticks indicate selling pressure near resistance. Traders should closely watch for a breakout above resistance or a pullback to lower support levels. These movements will likely determine SHIB’s short-term direction.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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