Altcoin investors are pleased with the recent cryptocurrency market surge, but leading memecoin projects like Shiba Inu have underperformed amid growing interest in new projects within the Solana ecosystem. Technical analysis of the daily SHIB chart reveals a rising channel formation, with the EMA 200 level serving as significant support. However, a recent breakdown raises concerns, with crucial support levels at $0.00000906, $0.00000849, and $0.00000760. A daily close below $0.00000849 may intensify selling pressure and disrupt the current formation.
On the resistance side, key levels are $0.00000956, $0.00001022, and $0.00001107. A daily close above $0.00000956 could indicate a return to the formation structure and set the stage for an upward trajectory.
Examining the hourly SHIB chart reveals a descending channel formation, with a recent support break hinting at a potential downtrend. Heightened selling pressure in recent hours poses a notable concern for investors.
Critical support levels on the hourly chart include $0.00000901, $0.00000890, and $0.00000875. A close below $0.00000901 may escalate selling pressure. Resistance levels to watch are $0.00000919, $0.00000933, and $0.00000942, with a close above $0.00000919 potentially triggering a bullish reversal and gaining momentum.
