Shiba Inu Tests Support At $0.000008


Shiba Inu Remains Under Pressure

Shiba Inu is currently trying to settle below the support level at $0.000008 as the crypto market remains under pressure.

Bitcoin has recently failed to settle above the resistance at $35,000 and made several attempts to get to the test of the support at $32,000. In case Bitcoin manages to settle below this level, it will gain additional downside momentum and move towards the support at $30,000 which will be bearish for Shiba Inu and the whole crypto market.

Meanwhile, Dogecoin managed to settle below the support at $0.25 and is moving lower, which is bearish for Shiba Inu.

I’d note that Shiba Inu has recently made an attempt to get to the test of the resistance at $0.000010 but lost momentum because of the general bearish sentiment in crypto markets. At this point, it looks that Shiba Inu will need additional bullish catalysts in order to get to the test of the resistance at $0.000010.

Technical Analysis

Shiba Inu failed to get to the test of the resistance at $0.000010 and pulled back towards the support at $0.000008. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case bearish catalysts emerge.

If Shiba Inu declines below the support at $0.000008, it will move towards the next support level at $0.000007. A successful test of this level will open the way to the test of the next support at $0.0000063. If Shiba Inu manages to settle below $0.0000063, it will head towards June lows at $0.0000055.

On the upside, Shiba Inu needs to stay above $0.000008 to have a chance to gain upside momentum in the near term. The next resistance level for Shiba Inu is located at $0.000010. If Shiba Inu manages to settle above this level, it will head towards the resistance at $0.000012. A move above this level will push Shiba Inu towards the resistance at $0.00001350.

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This article was originally posted on FX Empire


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