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Shiba price analysis, we will analyze past price movements through graphs and technical indicators. We will determine support and resistance levels and guide investors about buying and selling decisions.
The recent general rise observed in the crypto markets has made many investors happy. However, we observe that the expected rise in the SHIBA has not yet occurred. This brings to mind that SHIBA may not benefit enough from this bull run. While there have been rises of up to 50% in other altcoins in the last few weeks, SHIBA’s rise remained at a level of 28% and fell behind expectations.
In the coming days, if there is a breakout or a positive movement in a parity showing the positive status of Ethereum against Bitcoin like BTC/ETH, we may see that positive rises are much more likely in other altcoins. In this case, a noticeable rise can be expected in SHIBA as well.
General market trends and movements in major cryptocurrencies usually tend to affect the performance of other altcoins. If we catch momentum in a parity like BTC.D, this situation could contribute to other altcoins moving upward. Therefore, it can be expected that SHIBA will show a noticeable increase by being affected by this positive period.
Investors should closely follow the general trends of the crypto market in the coming days and monitor possible breakouts or positive price movements in parities like BTC/ETH and BTC.D. These developments could affect the potential rise of altcoins like SHIBA, and in this case, it could be possible for SHIBA to achieve the expected rise.
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Can Shiba Break the Falling Channel?
SHIBA’s late bull run seems very important to understand by examining weekly candlestick charts. So far, SHIBA has not make a noticeable breakout and could not create enough buyer pressure in its chart. The reason for this could be that SHIBA is trying to form a double bottom formation during this time frame.
Another factor affecting SHIBA was the falling channel formation. This channel was effective in determining support and resistance levels, and SHIBA faced a critical resistance level after passing the midband. This level has been a strong support/resistance area for SHIBA since the 2nd and 3rd quarters of 2021.
If we can observe a clear breakout in the zone of $0.00000855, a move toward the upper band of the channel could be observed. Also, if positive divergences are seen in favor of altcoins in major crypto pairs like BTC/ETH and BTC.D, SHIBA’s rise to the levels of $0.000017 could be expected. This rise could provide investors with a 110% return and satisfy them.
However, there is a point that should not be forgotten. If we cannot overcome the $0.00000855 resistance, it would not be surprising that pullbacks could be toward lower support levels. If SHIBA cannot overcome the determined resistance level, a correction towards much lower levels may occur.