Shiba Inu Gains Ground As Bitcoin Tests Resistance At $40,000
Other cryptocurrencies are also moving higher. Ethereum managed to settle above $2,500 and is testing the resistance at the 50 EMA at $2,620. Meanwhile, Dogecoin is slowly moving towards the resistance at its 50 EMA at $0.3435.
The lack of momentum in Dogecoin has put some pressure on Shiba Inu in recent weeks. However, it looks that Dogecoin managed to find material support near $0.30 and may try to develop additional upside momentum which will be bullish for Shiba Inu.
Shiba Inu has recently received support at $0.0000055 and managed to gain upside momentum. Currently, Shiba Inu is trying to settle above the major resistance level at $0.000007 which has previously served as support. A move above this level will show that Shiba Inu managed to recover from the recent sell-off and is ready to develop additional upside momentum.
In this case, Shiba Inu will move towards the next resistance level at $0.000008. A successful test of this resistance level will open the way to the test of the resistance which is located at $0.000010. In case Shiba Inu manages to settle above the resistance at $0.000010, it will head towards the next resistance level at $0.000012.
On the support side, Shiba Inu needs to stay below $0.000007 to have a chance to develop downside momentum in the near term. The next support level for Shiba Inu is located at $0.0000063. If Shiba Inu declines below this level, it will head towards the next support at the recent lows at $0.0000055. A successful test of the support at $0.0000055 will open the way to the test of the support at $0.0000044. There are no important levels between $0.0000044 and $0.0000055 so this move may be fast.
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This article was originally posted on FX Empire