Shiba Inu Price Recovery Hinges on Critical Support and Resistance Levels
Crypto analyst 'MonoCoinSignal' on TradingView has outlined pivotal technical levels for Shiba Inu (SHIB) as the meme coin aims to reclaim its all-time high. Currently trading at $0.000013**, SHIB has dipped from its March 10 peak of **$0.000015, but strategic support and resistance zones could dictate its next move.
Key Support Levels to Monitor
- $0.000011: Immediate support zone; holding this level is crucial for a rebound.
- $0.0000105 & $0.000010: Secondary support if the downtrend persists.
Resistance Zones for Bullish Breakouts
- $0.0000127: First major resistance.
- $0.000014 & $0.000015: Targets for a sustained recovery toward new highs.
The 1-hour chart reveals SHIB trading below short-term Moving Averages (MA), signaling bearish momentum. However, the Relative Strength Index (RSI) nearing oversold conditions suggests potential for a bounce if buying pressure resumes.
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Bearish Scenario: Risks of a Support Breakdown
If SHIB fails to hold $0.000011, the analyst warns of further declines to:
- $0.00001051
- $0.00001001
Despite recent token burns reducing SHIB’s supply, their immediate impact may be limited amid broader market weakness. The meme coin’s performance remains tied to Bitcoin’s volatility, which recently saw BTC drop below $85,000.
Long-Term Outlook: Token Burns and Market Sentiment
Increased SHIB token burns, as reported on social media, may gradually tighten supply, fostering price appreciation over time. However, MonoCoinSignal emphasizes that short-term gains will likely remain constrained without significant catalysts.
FAQ Section
Q: What’s the current Shiba Inu price trend?
A: SHIB is in a corrective phase, testing key support at $0.000011** after peaking at **$0.000015 in March.
Q: Which resistance levels could trigger a SHIB rally?
A: Watch $0.0000127**, **$0.000014, and $0.000015 for potential breakout signals.
Q: How do token burns affect SHIB’s price?
A: Burns reduce circulating supply, potentially lifting prices long-term, but short-term effects may be muted.
Q: What risks does SHIB face if support breaks?
A: A drop below $0.000011** could push SHIB toward **$0.000010 or lower.
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Final Thoughts
Shiba Inu’s path to new highs depends on holding critical supports and overcoming resistances amid broader market conditions. Traders should monitor Bitcoin’s movements and SHIB-specific developments like token burns for directional cues.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice.
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