Shiba Inu Rises Higher As Bitcoin Tests Resistance At $ 46,000

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Shiba Inu Gains Ground As Crypto Markets Remain Strong

Shiba Inu is currently trying to settle above resistance at $ 0.000008 as Bitcoin continues its attempts to settle above resistance at $ 46,000.

The recent rally in the world’s leading cryptocurrency had a positive impact on Shiba Inu, who spent many days trading in a narrow range near $ 0.0000063. The volume of trade has increased and Shiba Inu seems ready for more action.

Meanwhile, Dogecoin is also increasing. Currently, Dogecoin is trying to test the resistance level at $ 0.2750. If Dogecoin manages to settle above this level, it will gain additional bullish momentum that will be bullish for Shiba Inu, as cryptocurrencies themselves often make big moves together.

Technical analysis

Shiba Inu has managed to settle above the resistance level at $ 0.0000075 and is trying to break through the next resistance which is at $ 0.000008. The RSI remains in moderate territory, and there is plenty of room to gain additional bullish momentum in case the right catalysts emerge.

If Shiba Inu breaks the resistance at $ 0.000008, it will head to the next resistance level at $ 0.0000085. A successful test of this resistance level will pave the way for the resistance test which sits near the recent highs at $ 0.000009. If Shiba Inu manages to break above this level, it will continue its bullish movement and test the resistance at $ 0.0000093.

On the support side, the previous resistance level at $ 0.0000075 will serve as the first level of support for Shiba Inu. If Shiba Inu drops below that level, it will head to the next support level at $ 0.000007. The 50 EMA is located at $ 0.0000071 while the 20 EMA is located at $ 0.0000069, so Shiba Inu will likely get significant support near $ 0.000007. If Shiba Inu drops below the 20 EMA, it will move to the next support level at $ 0.0000067.

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This article originally appeared on FX Empire

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