$SHIB /USDT TECHNICAL ANALYSIS: SHIBA INU HOVERING NEAR SUPPORT โ WATCH FOR BREAK ABOVE $0.00001220, SL BELOW $0.00001160
$SHIB /USDT is currently trading at $0.00001193, down -1.57% after a slight rejection from the $0.00001233 level. Price action shows that SHIB is consolidating near key support, hinting at a potential bounce if bulls step in soon.
๐น Support Levels: $0.00001160 and $0.00001140
๐น Resistance Levels: $0.00001220, $0.00001260, and $0.00001280
The 4H chart shows that SHIB is forming a narrowing range, suggesting a breakout move could be near. A strong push above $0.00001220 could bring momentum toward higher resistance levels.
๐ Trade Setup (Breakout Scenario):
Long Entry: On break above $0.00001220
TP1: $0.00001260
TP2: $0.00001280
SL (Stop Loss): Below $0.00001160
๐ Market Outlook:
SHIB is in a consolidation phase within the meme coin space. A breakout above current resistance levels could lead to a rapid short-term rally, but failure to hold above support could trigger another leg down.
โ ๏ธ Risk Management:
Limit risk to 1โ2% per trade. Always use a tight SL, especially in meme coins due to high volatility and potential for sudden wicks.