The price of the Shiba Inu (SHIB) could be set for a major run as it holds its support against Tether (USDT).
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.
Related Reading: AVAX Holds Steady And Sets Sights On $50 Barrier Breach
The consumer price Index measures inflation in the economy, due to market sentiments this affects the prices of assets. (Data feeds from Binance)
Price Analysis Of SHIB On The Weekly Chart
From the chart, the price of SHIB saw a weekly low of around $0.00000740, which bounced from that area and rallied to a price of $0.00001240.
The price has built more momentum as it faces resistance at $0.00001400.
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.
Price Analysis Of SHIB On The Daily (1D) Chart
The price of SHIB found strong support at around $0.00001, with what seems to be an area of interest on the daily chart.
SHIB bounced from its support and rallied as it faced resistance to breaking above the 50 Exponential Moving Average (EMA) which corresponds to $0.00001154.
At the point of writing, the price of SHIB is at $0.00001265, trying to break above a ranging channel to the upside.
SHIB is facing a resistance of $0.00001400 to break the channel, If the price of SHIB breaks above the $0.00001400 resistance with good volume the price of SHIB could rally to a high of $0.00001720.
The relative strength Index (RSI) for the price of SHIB on the daily chart is above 60, indicating healthy buy bids for SHIB.
The volume for SHIB indicates buy bids, this shows bulls would want to push the price higher.
Daily (1D) resistance for SHIB price – $0.000014.
Daily (1D) support for SHIB price – $0.0000115, $0.00001.
Price Analysis OF SHIB On The Four-Hourly (4H) Chart
The price of SHIB has continued to maintain its bullish structure despite retracing to its support that corresponds to its 50 EMA at $0.00001226 on the 4H chart, as the price faces resistance at $0.000013.
SHIB price is $0.00001266, trading above the 50 and 200 EMA with prices of $0.0000120 and $0.00001154 on the 4H chart. These prices would act as support areas for SHIB on 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