Peter Smith
Shiba Inu (SHIB) just had one of those days every crypto holder dreads. The meme coin favorite crashed 6.81% in the last 24 hours, making it one of today's biggest losers. But before you panic-sell your bag, let's dig into what the charts are actually telling us – because there might be more to this story.
SHIB's (Shiba Inu) Hourly Chart: Testing Waters at Key Resistance
Here's where things get interesting. On the hourly timeframe, SHIB is creeping up toward a local resistance at $0.00001188. Now, if the buyers can actually show up and push through this level, we're looking at a potential move up to $0.00001220.
It's one of those classic "make or break" moments. Either the bulls step up and we see some relief, or this resistance holds and we could be in for more pain. The hourly chart is basically asking: "Are you tough enough, SHIB?"
Daily Action Shows Shiba Inu (SHIB) Playing Mind Games
The daily chart is telling a pretty wild story right now. SHIB actually faked everyone out with a false breakout below the $0.00001141 support level. You know how this goes – price drops below support, weak hands sell, then boom – it bounces right back up.
But here's the thing: even if today's candle closes way above that fake-out level, the buyers might need to catch their breath before making any serious moves. What we're probably looking at is some boring sideways action between $0.00001150 and $0.000012. Yeah, not exactly the moon mission SHIB army was hoping for, but sometimes the market needs to chill before the next big move.
Weekly Outlook: SHIB (Shiba Inu) Might Need to Visit Some Lower Levels
Alright, let's zoom out and talk about the bigger picture – and it's not exactly sunshine and rainbows. The weekly timeframe is flashing some warning signs. If this week's candle closes around where we are now (or worse, lower), we might be heading down to test the $0.000011 area pretty soon.
That $0.000011 level is one of those psychological zones that everyone and their dog will be watching. It's round, it's clean, and it's exactly where you'd expect both buyers and sellers to duke it out.
Right now, SHIB is sitting at $0.00001184, stuck in this technical no-man's land where nobody really knows what's next. The bulls are trying to hold the line, the bears are pushing for more downside, and the rest of us are just watching this whole drama unfold. Classic crypto, right?
Peter Smith
