Amid the ongoing turmoil in the Shiba Inu market, crypto analysis account Rose Premium Signals identifies several key levels to watch.
After a strong showing in November 2024 and early December 2024, the leading dog-themed memecoin Shiba Inu (SHIB) has slowed down his role significantly a market-wide correction The trigger was statements from the Federal Reserve.
As market uncertainty prevails, an analyst has provided insight into key levels the community should keep an eye on.
Important Shiba Inu Levels
At the time of writing, Shiba Inu is trading at $0.00002238, up 20% from Friday’s low of $0.00001853. However, the asset is still down 17% over the past seven days and is around 50% below its local high of $0.00003343.
In an X contribution On Monday, December 23, Rose Premium Signals highlighted that the meme coin’s price has been forming a possible upward channel on its daily candlestick chart since late September 2024.
According to the analysis, the key support is currently located in the $0.00001939 and $0.00002139 price area, which coincides with the 0.618 and 0.786 Fibonacci Retracement levels.
The Rose Premium signal suggested that a good bounce could see Shiba Inu rise to the targets of $0.00002715, $0.00003083, and finally $0.00003511, representing an increase of 21%, 38%, respectively 57% compared to current prices. Nevertheless, the analysis warns of resistance at the $0.00003083 and $0.00003511 targets.
Analysts remain optimistic
The latest Rose premium signal is one of many positive outlooks for SHIB and suggests that analysts remain optimistic despite the recent market correction. For example, “Dollars Maker”…
