Shiba Inu Attempts To Continue Its Upside Move
Shiba Inu faced resistance near $0.0000093 and pulled back while Bitcoin moved below the support at $46,000.
Bitcoin did not manage to settle above the resistance level at $48,000 and pulled back towards the support level at $46,000 as some traders decided to take profits off the table after the recent upside move.
The next support level for Bitcoin is located at $44,000. If Bitcoin gets to the test of this level, other cryptocurrencies will likely find themselves under pressure.
However, it should be noted that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, continues to fall, which indicates that interest for altcoins is growing. This is bullish for Shiba Inu.
Meanwhile, Dogecoin, which often has an impact on Shiba Inu dynamics, has recently made an attempt to settle below the support at $0.3150 but failed to develop sufficient downside momentum and moved back to the resistance level at $0.33. In case Dogecoin manages to settle above this level, it will head towards the next resistance level at $0.35 which will be bullish for Shiba Inu.
Shiba Inu managed to settle above the resistance level at $0.0000085 and is trying to settle above the next resistance at $0.000009. RSI is in the overbought territory, and the risks of a pullback are significant.
In case Shiba Inu settles above $0.000009, it will get to another test of the resistance level at $0.0000093. This resistance level has already been tested several times and proved its strength.
A successful test of the resistance at $0.0000093 will push Shiba Inu towards the resistance at $0.0000096. If Shiba Inu gets above $0.0000096, it will head towards the psychologically important resistance level at $0.000010. A move above this level will open the way to the test of the resistance at $0.00001050.
On the support side, a move below $0.000009 will push Shiba Inu back towards the support level at $0.0000085. In case Shiba Inu declines below this level, it will head towards the next support at $0.000008.
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This article was originally posted on FX Empire