Shiba Inu Stays Close To Resistance At $0.00002950

Shiba Inu Stays Close To Resistance At $0.00002950

Shiba Inu Stays Close To Resistance At $0.00002950

Shiba Inu Pulls Back

Shiba Inu pulled back a bit after an attempt to get above the resistance at $0.00002950 while Bitcoin was mostly flat.

The world’s leading cryptocurrency has recently tried to settle above the resistance at $62,900 but failed to develop sufficient upside momentum. Bitcoin’s RSI remains in the overbought territory, so the risks of a pullback are increasing. In case Bitcoin manages to settle below $62,000, it will have a good chance to get to the test of the psychologically important support level at $60,000 which will be bearish for the whole crypto market, including Shiba Inu.

Meanwhile, Dogecoin continues its attempts to settle above the resistance at $0.2520. Yesterday, Dogecoin tried to settle above $0.27 but lost momentum and pulled back below $0.25. In case Dogecoin manages to get back above the resistance at $0.2520, it will move towards the next resistance level at $0.2570 which will be bullish for Shiba Inu as it will indicate that interest in meme coins remains strong.

Technical Analysis

Shiba Inu did not manage to settle above the nearest resistance level at $0.00002950 but managed to stabilize in the $0.000028 – $0.000029 range. RSI has recently moved back into the moderate territory, so there is plenty of room to develop additional upside momentum in case the right catalysts emerge.

If Shiba Inu settles above the resistance at $0.00002950, it will head towards the next resistance level at $0.00003150. No important levels were formed between $0.00002950 and $0.00003150 so this move may be fast. A successful test of the resistance at $0.00003150 will push Shiba Inu towards the next resistance level at $0.000035.

On the support side, the nearest support level for Shiba Inu is located at $0.00002650. If Shiba Inu settles below this level, it will head towards the next support at $0.00002560. A move below this level will open the way to the test of the support at $0.00002355. In case Shiba Inu declines below this level, it will head towards the 20 EMA at $0.00002290.

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This article was originally posted on FX Empire

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