Shiba Inu loses ground as Bitcoin tries to move below $ 46,000

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Shiba Inu is under pressure ahead of the weekend

Shiba Inu failed to settle above the resistance level at $ 0.00000745 and moved down to support at $ 0.000007 as Bitcoin attempted to move below the support level at $ 46,000.

Bitcoin stabilized in the $ 46,000 $ 47,000 range after the sell-off. He has already made several attempts to gain momentum on the upside, but those attempts have not yielded any results. This is an important time for the entire crypto market, as Bitcoin’s failure to bounce back from a sell-off may trigger another wave of selling that will put pressure on other cryptocurrencies.

It should be noted that the mood in the crypto market today is bearish. Ethereum is continuing its attempts to settle below $ 3,400. Dogecoin is trying to establish itself below $ 0.25 as XRP retreated below $ 1.10 after testing 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 bullish momentum and pulled out. Currently, Shiba Inu is trying to settle below the support level at $ 0.000007.

If Shiba Inu drops below this level, it will move to the next support level which is located at $ 0.0000067. The RSI remains in moderate territory, and there is plenty of room to gain further bearish momentum in case the right catalysts emerge.

A move below the support level at $ 0.0000067 will push Shiba Inu to the next support at $ 0.0000065. If Shiba Inu manages to settle below that level, it will head to the next support at $ 0.0000063.

On the upside, Shiba Inu needs to settle above resistance at $ 0.00000745 for a chance to develop near term bullish momentum. The next resistance level for Shiba Inu is located at $ 0.0000077.

A move above the resistance at $ 0.0000077 will pave the way for testing the resistance at $ 0.000008. If Shiba Inu moves above $ 0.000008, it will head to the next resistance level at $ 0.0000085.

The story continues

For an overview of all of today’s economic events, check out our economic calendar.

This article originally appeared on FX Empire

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