Shiba Inu Remains Under Pressure
Shiba Inu is currently trying to settle below the support at $0.000007 as crypto markets remain under pressure.
Yesterday, Bitcoin made an attempt to settle below the support at $32,000 but failed to develop sufficient downside momentum. As a result, Bitcoin continues to trade in the $32,000 – $35,000 range. However, it should be noted that Bitcoin is close to the lower end of this range, and another test of the important support level at $32,000 looks imminent. If Bitcoin manages to settle below this level, it may gain strong downside momentum which will be bearish for all cryptocurrencies including Shiba Inu.
Dogecoin, which often has a material impact on Shiba Inu, remains under pressure. Currently, Dogecoin is trying to settle below $0.19. Dogecoin’s downside trend looks strong which is bearish for Shiba Inu.
At this point, it is clear that Shiba Inu will need additional upside catalysts to get back to the upside mode.
Shiba Inu managed to settle below the support at $0.000008 and is testing the next support level at $0.000007. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum.
If Shiba Inu declines below $0.000007, it will move towards the next support level at $0.0000063. A successful test of this level will open the way to the test of the support at $0.0000055. This support level has been tested several times in June and proved its strength.
In case Shiba Inu settles below the support at $0.0000055, it will gain additional downside momentum and head towards the support at $0.0000044.
On the upside, the previous support at $0.000008 will serve as the first resistance level for Shiba Inu. The next resistance level has emerged at $0.000009. In case Shiba Inu manages to settle above the resistance at $0.000009, it will head towards the major resistance level at $0.000010.
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This article was originally posted on FX Empire