SHIB finds demand zone, TRX shows momentum
Shiba Inu ($SHIB) consolidates near-strong support after a recent rally, while Tron ($TRX) continues to push higher with bullish momentum. Key levels are in focus as these assets navigate crucial resistance zones.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
SHIB:
Overview
Shiba Inu ($SHIB), the second-largest meme coin by market capitalization, recently experienced a significant rally, reaching a local high of $0.000003 before pulling back.Today's analysis will focus on the daily and 4-hour time frames, observing potential support and resistance zones as $SHIB undergoes a healthy retracement, with potential consolidation or further moves anticipated.
Daily time frame analysis
- Resistance levels: The $0.00000284 level has been a key resistance for Shiba Inu, as mentioned in our last analysis. Recently, $SHIB briefly touched a high of $0.000003 before pulling back by approximately 18%, highlighting strong selling pressure around these levels. This resistance zone will be important to watch as it may test $SHIB's ability to push higher in the near term.
- Support levels: On the downside, $SHIB currently has two notable support levels:
- $0.00000238 - This level serves as an immediate support zone, potentially cushioning further retracement.
- $0.00000215 - Should retracement deepen, this would be the next major support, providing a potential base for $SHIB.
Wondering about the latest Shiba Inu (SHIB) price prediction? Explore our in-depth analysis to stay informed
4-Hour time frame analysis
- Demand zone: On the 4-hour chart, a demand zone has formed between $0.0000026 and $0.00000248, marking an area of buying interest should the price dip again.
- 20 EMA confluence: The 20 EMA on the 4-hour time frame, currently at $0.0000025, aligns with this demand zone, reinforcing the area as a key support level. This alignment of support could play a pivotal role if $SHIB continues to retrace or begins consolidating.
- Structure and momentum: The 4-hour structure has shown a retracement from the recent high, which is a healthy move after such a sharp rally. With the demand zone and 20 EMA providing a buffer, $SHIB remains technically solid within this range, awaiting either a consolidation phase or continued upward momentum.
Cryptonary's take
Shiba Inu is currently in a healthy retracement phase after a substantial rally, with resistance at $0.00000284 and $0.000003 acting as overhead hurdles. Both the daily and 4-hour time frames show key support levels, notably at $0.00000238 and $0.00000215 on the daily, and the demand zone at $0.0000026 - $0.00000248 on the 4-hour with 20 EMA confluence.In summary, $SHIB is technically balanced, holding within solid support zones as it retraces, with consolidation or further recovery anticipated depending on the broader market conditions.
Tron ($TRX):
Overview
$TRX (Tron) is showing remarkable strength amid a wider market retracement, trading at $0.178 after hitting a new high of $0.184. This asset has consistently demonstrated bullish momentum, breaking key resistance levels one after another.Recently, it moved past the $0.168 resistance, and now it is eyeing the $0.18 mark with only a minor resistance remaining at $0.189 before a clear path opens toward its all-time high (ATH).
Weekly time frame analysis
On the weekly time frame, $TRX is showing strength by breaking its April 2021 high, signalling renewed interest from traders and investors.Currently, the next challenge is the $0.18 resistance, followed by $0.189. If $TRX successfully breaks above these levels, it could see a strong move upward, as there's minimal resistance up to its ATH at $0.30, marked by a historical wick in January 2018.
- Current price: $0.178
- Immediate resistance: $0.18, followed by $0.189
Key support levels
- $0.168: Recently broken resistance, now a strong support level on the weekly time frame.
- 20 EMA at $0.151: The 20 EMA on the weekly provides additional support, reflecting the broader uptrend.
- $0.144: A secondary support zone, adding further strength to $TRX's base if it dips further.
Cryptonary's take
$TRX is positioned for a breakout opportunity with a powerful bullish structure that has continued to outshine the broader market. The potential to push past the $0.18 and $0.189 levels opens a pathway toward its ATH, making it an asset to watch closely.For traders, waiting for possible retracements to $0.168 may provide optimal entries. With sustained momentum, $TRX could be primed to "rip" higher in the coming weeks, aligning with the interests of both swing and momentum traders.
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