In what is considered a build-up, Shiba Inu looks set for a buy but the price is stalled under a key resistance line. While the asset is finding a breakthrough, other top meme coins also pose for a big move.
The recent drop in volatility across the cryptocurrency space has positioned most altcoins in an indecisive state over the past few days.
Following last week’s meltdown, which saw most altcoins to their one-month low, Shiba plunged to the $0.0000083 level and settled above that price level for the rest of that week.
This week, trading volatility increased and the price climbed above the $0.00001 level. It faced resistance at this level and retraced briefly on Friday. The price recovered again but struggled to flip through the weekly resistance.
However, it is essential to note that Shiba and some top meme coins like Doge, Bonk and Pepe are primed for an upward movement on the daily chart. A surge through the long descending resistance line could activate the coin for a bull run.
It may look bullish on the hourly but the price is still within the bears’ radar from a long-term perspective. A crack below the monthly low is likely to bring the bears back into the market.
Shiba’s Key Levels To Watch
The price is slightly in green today as it currently faces the $0.0000105 resistance level. If Shiba pushes through this resistance, it may encounter subsequent resistance at $0.00001195 and $0.000014, all located above the long descending trendline.
If the buyers fail to push higher due to a rejection, the price may pull back to $0.000009 and $0.0000083 – the current weekly low. The potential supports to watch for a breakdown are $0.0000076 and $0.0000067.
Key Resistance Levels: $0.0000105, $0.00001195, $0.000014
Key Support Levels: $0.0000083, $0.0000076, $0.0000067
- Spot Price: $0.00000988
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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