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Shiba Inu Remains Under Pressure

·2 min read

Shiba Inu Continues To Pull Back After The Recent Upside Move

Shiba Inu moved back below $0.000008 and is heading towards the support at $0.000007 while the crypto market remains under pressure after Bitcoin’s failure to settle above the key resistance level at $40,000.

Bitcoin has recently made an attempt to settle above the key resistance at $40,000 but lost momentum and pulled back towards the support at $37,000. This move put pressure on other cryptocurrencies. Ethereum declined towards the support level at $2,300.

Dogecoin, which has a material impact on Shiba Inu dynamics, moved to the support level at $0.30. Dogecoin’s RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum. If Dogecoin settles below $0.30, it will head towards the support at $0.28 which will be bearish for Shiba Inu.

Technical Analysis

Shiba Inu has recently managed to settle below the support at $0.000008 and is trying to get to the test of the next support level at $0.000007. In case Shiba Inu manages to settle below this level, it will head towards the support at $0.0000063. A move below $0.0000063 will open the way to the test of the support at $0.0000055.

On the upside, Shiba Inu needs to get back above $0.000008 to have a chance to gain upside momentum in the near term. The next resistance level is located at $0.000010. This resistance level has already been tested several times in June and proved its strength.

In case Shiba Inu settles above $0.000010, it will gain additional upside momentum and head towards the next resistance which is located at $0.000012.

From a big picture point of view, the recent attempt to gain upside momentum faced significant resistance at $0.000010, which is a worrisome development for the bulls. The technical picture for Dogecoin does not look good, which is another bearish factor for Shiba Inu. At this point, it looks that Shiba Inu will need additional upside catalysts to get back to the upside mode.

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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