As long as the Shiba Inu’s support for Tether (USDT) is maintained, it could set the stage for an important run in its price.
Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market as the price of Shiba Inu eyes $0.00001700.
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Measuring the consumer price indexInflation in the economy is caused by market sentiments. This affects asset prices.Data feeds for Binance
Weekly Chart Price Analysis of SHIB
According to the chart, SHIB’s price dropped by $0.00000740 each week. It then rebounded and reached $0.00001240.
It faces resistance at $0.00001400 but has gained momentum.
If the price of SHIB on the weekly chart continues with this bullish structure, it could quickly revisit $0.00001732.
Weekly resistance for the price of SHIB – $0.00001400.
Weekly support for the price of SHIB – $0.00000995.
Pricing Analysis of SHIB on the Daily (1D) Chart
SHIB’s price found support around $0.00001 with what appears to be an area for interest on the daily charts.
SHIB rebounded after its support, and rallied when it was faced with resistance to break above the 50 Exponential moving average (EMA), which is $0.00001154.
SHIB currently trades at $0.00001265. This price is trying to rise above the ranging channel and to the upside.
SHIB faces resistance at $0.00001400 in order to break the channel. If SHIB’s price breaks through the resistance at $0.00001400 with high volume, the price could rise to $0.00001720.
SHIB is trading at a relative strength Index of (RSI) 60 on its daily chart. This means that SHIB has received healthy buy bids.
Volume for SHIB is an indication of buy bids. This indicates that bulls want to drive the price higher.
Daily (1D) resistance for SHIB price – $0.000014.
Daily (1D) support for SHIB price – $0.0000115, $0.00001.
Pricing Analysis of SHIB on the Four-Hourly Chart (4H)
Despite retracing towards its support of $0.00001226, which corresponds with its 50 EMA on the 4H chart and resistance at $0.000013, SHIB’s price continues to be bullish.
SHIB’s price was $0.00001266, and is trading higher than the 50 and 200 EMA with $0.0000120 and $0.00001154 prices on the 4H charts. These are support zones for SHIB in the 4H chart.
Four-Hourly (4H) resistance for SHIB price – $0.000013, $0.000014.
Four-Hourly (4H) support for SHIB price – $0.00001210, $0.00001154.
A break in the resistance would send SHIB’s prices higher.
Featured Image from Bitcoinist Charts From TradingView.com