Analysis: Shiba Inu is moving above the important price of $0.000024 again
Shiba Inu has finally risen above the important price level of $0.000024. The coin usually changes direction when it gets here, so a move above this level can be very positive. If the price drops again, it will have additional support.
How is SHIB doing?
The price is currently already slightly above the price in the title. SHIB is trading at $0.000025, officially recapturing the price level we indicate below in the chart. This could turn out very well for the coming price forecast.
To analyze that, let’s look at the daily chart, where each candle represents 24 hours. Here we get a good idea of this price level, while we also see two other blue lines. The latter are important points of resistance (should the price ever return here), but at the moment the blue zone is especially important.
As you can see, this price level has been around for a while. It has its origins in March, and has played an important role ever since. As I mentioned, the currency has responded to this price level several times, and a rise above makes it less likely that SHIB will fall back.
Price responds
To see this better – and the reaction the coin just gave to this zone (which is very positive) – let’s also take a look at the 4-hour chart. Here each candle represents 4 hours, giving us a more detailed view of the past price action.
As you can see, the coin has moved through the zone before, but you can still clearly see that this price level plays a strong role. If the coin goes to this level from the bottom, the price usually falls further, but the opposite is true when the coin comes from the top. The latter appears to be taking place at the moment.
As you can see, the coin already made a good increase when it broke through the price of 0.000024, but then fell back. Since then, SHIB has returned to this level, and appears to be turning around and moving further up.
As long as this does not turn out to be a fake-out, and the price continues to move strongly above the blue zone, the price can make nice jumps. Therefore, keep a close eye on this price level and the trend of Shiba Inu.
