Shiba Inu Price Drops to $0.000045? Key Support and Resistance Levels to Watch

Technical analysis shows that Shiba Inu is currently at a crucial point, where it could either recover to new highs in years or face a decline to test some support levels. In this regard, a recent analysis on TradingView highlighted important support and resistance levels that could determine the short-term movements of SHIB. This analysis was conducted on the daily candlestick chart of SHIB against Tether (USDT), showing significant potential for price increase to $0.000045 if key resistance levels are broken. The main support and resistance levels for Shiba Inu According to analysis, two important resistance levels play a crucial role in SHIB's upward path. The first level is $0.00003239 and is an immediate barrier that may attract sellers or trigger profit-taking orders. This reveals more when considering that it serves as a resistance level in December 2024. A decisive move beyond this level will signal bullish momentum. The second resistance level is $0.00004563 and is considered an important psychological barrier that can challenge the strength of optimism in the market. This is because this price level acts as the peak of Shiba Inu price volatility in early 2024. If the buying side completes a successful move above $0.00004563, it could signal a move to challenge Shiba Inu's all-time high level. The downside also has two important support levels that could prevent the SHIB price from further decline. The first notable support level is $0,00001035. Shiba Inu has recovered several times at the highest point of this support area in 2024, with the most notable recovery occurring on August 5th. Historically, this level has demonstrated strong buying interest, making it a potential floor for the current trend. However, if the price does not hold above this important support level, the situation could change significantly. Breaking below $0,00001035 could diminish buyers' confidence, paving the way for SHIB to test even lower support levels.

Technical indicators and trading strategies for SHIB Note that key indicators such as MACD and RSI currently indicate a neutral to slightly bearish sentiment towards Shiba Inu. MACD is flat with minimal momentum, while RSI oscillates near 40, slightly below the midpoint. These indicators, along with low trading volume, suggest that traders are anticipating a decisive breakthrough or breakdown below the price of Shiba Inu. For optimistic traders, a stable increase at this time may indicate a short-term target of $0.00003239, with $0.00004563 as the long-term target. Conversely, a break below $0.00001035 may reinforce a downtrend scenario. At the time of writing, Shiba Inu is trading at $0.00002239 and has increased 8% in the past 24 hours. According to the similar support level analysis by cryptocurrency analyst Ali Martinez, the support range of $0.0000215 to $0.0000193 must be maintained for Shiba Inu to sustain its upward trend. DYOR! #Write2Win #Write&Earn $SHIB {spot}(SHIBUSDT)