A cryptocurrency analyst has pointed out how Shiba Inu is retesting a technical support level that could set the tone for what\u2019s to come.<\/p>\n
In a new post<\/a> on X, analyst Ali Martinez has discussed a support level for Shiba Inu. The level in question is the lower boundary of a Parallel Channel<\/a>, a technical analysis (TA) pattern that forms whenever an asset trades between two parallel trendlines. Like other consolidation patterns in TA, the upper line of a Parallel Channel is considered to be a source of resistance, while the lower one is that of support. Either of these levels not holding up can signal a continuation of the trend in that direction.<\/p>\n Parallel Channels can be of a few different types depending upon how the channel is oriented with respect to the graph axes. When the trendlines are sloped upward, the resulting pattern is called an Ascending Channel<\/a>. Similarly, their pointing down forms a Descending Channel<\/a>.<\/p>\n In the context of the current topic, the third and most basic type is the one of interest: a channel that\u2019s parallel to the time-axis. This pattern corresponds to a phase of complete sideways action in the asset.<\/p>\n Now, here is the chart shared by Martinez that shows the Parallel Channel that the weekly price of Shiba Inu has been trading inside for the last few years:<\/p>\n As is visible in the above graph, the 7-day Shiba Inu price has fallen to the support line of the Parallel Channel after the latest bearish price action. This level, located at $0.0000066721, was last tested by the memecoin in 2023. Back then, the line held and helped the cryptocurrency turn itself around.<\/p>\n \u201cFor Shiba Inu $SHIB, everything depends on its ability to hold above the $0.0000066721 support level,\u201d explained the analyst. It now remains to be seen how the asset\u2019s price will develop in the coming days, given this potentially important retest.<\/p>\n In the scenario that a breakdown happens, the levels highlighted by Martinez in the chart could become the next relevant ones: $0.0000029954 and $0.0000013522. The former is located below the Parallel Channel at a distance equal to half its width, while the latter is at the full width mark.<\/p>\n Shiba Inu has slid down alongside the rest of the cryptocurrency market over the past week, but its losses have been more contained than some other major names. Even so, a weekly return of -9.9% shows that the bearish momentum hasn\u2019t spared the memecoin.<\/p>","protected":false},"excerpt":{"rendered":" A cryptocurrency analyst has pointed out how Shiba Inu is retesting a technical support level that could set the tone for what\u2019s to come. Shiba Inu Is Retesting The Support Level Of A Parallel Channel In a new post on X, analyst Ali Martinez has discussed a support level for Shiba Inu. The level in […]<\/p>\n","protected":false},"author":0,"featured_media":132289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-132288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/132288"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=132288"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/132288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/132289"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=132288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=132288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=132288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SHIB Price<\/h2>\n