Shiba Inu’s Strong Rally Continues

Shiba Inu has recently made an attempt to settle above $0.000035 while Bitcoin tested the resistance at $55,000.

The world’s leading cryptocurrency gained strong upside momentum after it managed to settle above the psychologically important $50,000 level. Currently, it is trying to settle above the resistance at $55,000. In case this attempt is successful, it will move towards the next resistance at $57,000 which will be bullish for the whole crypto market, including Shiba Inu.

Other cryptocurrencies are also moving higher. Ethereum is trying to settle above the resistance at $3,600 while XRP is testing the $1.09 level.

Interestingly, Dogecoin is under pressure. It has recently made an attempt to settle below the 50 EMA at $0.2410, and it looks that Shiba Inu’s growing popularity has started to put pressure on Dogecoin.

According to CoinMarketCap, Shiba Inu has firmly settled in the top-20 cryptocurrencies by market capitalization with a current market cap of more than $12 billion. In comparison, Dogecoin’s current market cap is roughly $32 billion. If speculative traders start to dump their holdings of Dogecoin to buy more Shiba Inu which has developed strong upside momentum, the latter will get to new highs.

Technical Analysis

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Shiba Inu’s rally continues, driven by strong trading volume. It should be noted that RSI is in the extremely overbought territory, and the pullback looks inevitable as many traders will likely decide to take some profits off the table in the $0.000030 – $0.000035 range.

However, Shiba Inu will have a great chance to gain additional upside momentum in case it manages to settle above the recent highs at $0.000035. Traders should also watch the dynamics of Dogecoin which has suddenly started to move lower, which may be a sign of a transfer of money from one “dog coin” to another.

For a look at all of today’s economic events, check out our economic calendar.

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This article was originally posted on FX Empire


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