Shiba Inu Is Under Pressure
Shiba Inu faced strong resistance at $0.000035 and pulled back below the support at $0.00002220 while Bitcoin continued its attempts to settle above the important resistance level at $55,000.
The world’s leading cryptocurrency gained strong upside momentum in recent days and made several attempts to settle above the resistance at $55,000. These attempts were not successful, but Bitcoin is still trading close to this level. If Bitcoin manages to settle above $55,000, it will head towards the resistance at $58,000 which will be bullish for the whole crypto market, including Shiba Inu.
Meanwhile, Dogecoin managed to find support near the 50 EMA at $0.2410 and is trying to settle above $0.2450. It looks that Shiba Inu’s rally had a negative impact on Dogecoin as some traders sold one “dog coin” to buy another. In this light, the current pullback in Shiba Inu may serve as a bearish catalyst for Dogecoin.
Shiba Inu settled below the support at $0.00002350 and is testing the next support level at $0.00002220. RSI remains in the overbought territory despite the recent pullback, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
If Shiba Inu settles below the support at $0.00002220, it will move towards the next support which is located at $0.000020. A successful test of the support at $0.000020 will open the way to the test of the support at $0.00001665. In case Shiba Inu declines below this level, it will move towards the support at $0.000015.
On the upside, the previous support at $0.00002350 will serve as the first signiicant resistance level for Shiba Inu. A move above this level will push Shiba Inu towards the resistance at $0.00002560.
If Shiba Inu gets above this level, it will head towards the resistance at $0.00003150, although it can also face resistance at $0.00002890. A successful test of the resistance at $0.00003150 will open the way to the test of the resistance at the recent highs at $0.000035.
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This article was originally posted on FX Empire
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