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Shiba Inu Faced Strong Resistance Near $0.000040

Vladimir Zernov
·2-min read

Shiba Inu Tries To Gain More Ground At The Start Of The Week

Shiba Inu continues its attempts to settle above the resistance at $0.000040 while Bitcoin is moving higher after recent pullback.

The world’s leading cryptocurrency received strong support near the psychologically important $60,000 level and rebounded towards the $63,000 level. A move above this level will open the way to the test of the resistance at the recent highs near $67,000 which will be bullish for the whole crypto market, including Shiba Inu.

Other cryptocurrencies are also moving higher. Ethereum is currently trying to settle above the resistance at $4,150. Solana is trading near the $208 level while XRP is testing the resistance at $1.10.

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Interestingly, Dogecoin is moving lower after an unsuccessful test of the $0.28 level, and it looks that Shiba Inu’s popularity may present a problem for Dogecoin in the longer-term.

Technical Analysis

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Shiba Inu did not manage to settle above the resistance at $0.000040 and pulled back towards the nearest support level at $0.00003775. RSI remains in the overbought territory, so the risk of a pullback is significant.

In case Shiba Inu manages to settle below the support level at $0.00003775, it will head towards the next support level at $0.000035. A move below the support at $0.000035 will push Shiba Inu towards the support at $0.000032. In case Shiba Inu declines below $0.000032, it will move towards the support level at $0.00002950.

On the upside, Shiba Inu needs to stay above $0.00003775 to have a chance to develop upside momentum in the near term. The next resistance level for Shiba Inu is located at $0.000040. Shiba Inu has already made several attempts to settle above this level, but these attempts yielded no results.

If Shiba Inu manages to settle above $0.000040, it will move towards the recent highs at $0.00004450. A successful test of this level will push Shiba Inu towards the $0.000050 level.

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

This article was originally posted on FX Empire

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