Shiba Inu, a cryptocurrency known for its high volatility, aims to regain its footing and reach the $0.000014 level. This rise is accompanied by favorable technical indicators and trading volumes.
Technical Analysis of Shiba Inu
Technical analysis reveals a structure resembling a symmetrical triangle, which commonly occurs before a significant increase in volatility. The $0.000014 level, which has often posed resistance in recent times, remains critically important.
Trade Volumes and Support
There is a noticeable increase in short-term trading volumes. The concurrent surge in volume with upward price movements suggests a strengthening buyer participation at these levels. Maintaining this trend could pave the way for another attempt around the $0.000014 region.
Risks and Levels to Watch
To confirm an upward scenario, SHIB needs to conclusively close a candle above the 100 EMA, located just below $0.0000135. Surpassing the $0.000014 level may raise the prospect of $0.000015 and beyond. On the downside, losing the 50 EMA support around $0.000012 could reignite testing of the $0.0000118–$0.0000115 range.
The current situation with Shiba Inu calls for caution, especially in light of adverse market movements. Investors should keep an eye on key support and resistance levels to avoid slipping to lower price levels.
