Shiba Inu Is Under Pressure Ahead Of The Weekend
Shiba Inu failed to settle above the resistance level at $0.00000745 and declined towards the support at $0.000007 while Bitcoin made an attempt to settle below the support level at $46,000.
Bitcoin stabilized in the $46,000 – $47,000 range after the major sell-off. It has already made several attempts to gain upside momentum but these attempts yielded no results. This is an important moment for the whole crypto market as Bitcoin’s failure to rebound after a major sell-off may trigger another wave of selling which will put pressure on other cryptocurrencies.
It should be noted that the crypto market mood is bearish today. Ethereum continues its attempts to settle below $3,400. Dogecoin is trying to settle below $0.25 while XRP has moved back below $1.10 after a test of the resistance near $1.25.
Technical Analysis
Shiba Inu made several attempts to settle above the resistance level at $0.00000745 but failed to develop sufficient upside momentum and pulled back. Currently, Shiba Inu is trying to settle below the support level at $0.000007.
In case Shiba Inu declines below this level, it will move towards the next support level which is located at $0.0000067. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
A move below the support level at $0.0000067 will push Shiba Inu towards the next support at $0.0000065. If Shiba Inu manages to settle below this level, it will head towards the next support at $0.0000063.
On the upside, Shiba Inu needs to settle above the resistance at $0.00000745 to have a chance to develop upside momentum in the near term. The next resistance level for Shiba Inu is located at $0.0000077.
A move above the resistance at $0.0000077 will open the way to the test of the resistance at $0.000008. In case Shiba Inu settles above $0.000008, it will head towards the next resistance level at $0.0000085.
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This article was originally posted on FX Empire
