Shiba Inu Gains Ground As Crypto Markets Stay Strong
Shiba Inu is currently trying to settle above the resistance at $0.000008 while Bitcoin continues its attempts to settle above the resistance at $46,000.
The recent rally of the world’s leading cryptocurrency had a positive impact on Shiba Inu, which has spent many days trading in a tight range near $0.0000063. Trading volume increased, and Shiba Inu looks ready for more action.
Meanwhile, Dogecoin is also moving higher. Currently, Dogecoin is trying to get to the test of the resistance level at $0.2750. In case Dogecoin manages to settle above this level, it will gain additional upside momentum which will be bullish for Shiba Inu as meme cryptocurrencies often make big moves together.
Technical Analysis
Shiba Inu managed to settle above the resistance level at $0.0000075 and is trying to move above the next resistance which is located at $0.000008. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
In case Shiba Inu gets above the resistance at $0.000008, it will head towards the next resistance level at $0.0000085. A successful test of this resistance level will open the way to the test of the resistance which is located near the recent highs at $0.000009. In case Shiba Inu manages to get above this level, it will continue its upside move and get to the test of the resistance at $0.0000093.
On the support side, the previous resistance level at $0.0000075 will serve as the first support level for Shiba Inu. In case Shiba Inu declines below this level, it will head towards the next support level at $0.000007. The 50 EMA is located at $0.0000071 while the 20 EMA is located at $0.0000069, so Shiba Inu will likely get significant support near $0.000007. In case Shiba Inu declines below the 20 EMA, it will move towards the next support level at $0.0000067.
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This article was originally posted on FX Empire
