SHIB: Technical Analysis Report | 5th-January-2023
Shiba Inu (SHIB) is decentralised crypto on the Ethereum blockchain. It was launched in August 2020 by an anonymous group of developers who wanted to create a new digital asset that would allow users to make payments quickly and easily. The token is designed similarly to Bitcoin but has some key differences such as its faster transaction time. Unlike most crypto assets, SHIB does not have a pre-made offering. Instead, new tokens are generated as users transact with the token. The asset price has risen by around 3% while the global volume has risen by more than 100% in the last 24 hours.
At the time of writing, SHIB was trading at $0.00000857
SHIB after making the low of $0.00000778 started trading in an ‘Ascending Triangle’ pattern. The asset finally gave a breakout above the pattern and surged up to $0.00000857 by forming the ‘Higher High Higher Low’ pattern. SHIB will face strong resistance at $0.00000878 (Horizontal Trendline) and we may expect some profit booking from these levels. Once it breaks and closes above the resistance, it may rally up to $0.00000901. $0.00000850 and $0.00000820 will act as strong support for the asset.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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