Shiba Inu Stays Close To Resistance At $0.00002950
Shiba Inu withdraws
Shiba Inu pulled back a bit after trying to break the resistance at $ 0.00002950 while Bitcoin was mostly flat.
The world's leading cryptocurrency recently attempted to level off above the resistance at $ 62,900 but failed to develop sufficient upward momentum. Bitcoin's RSI remains in the overbought territory, increasing the risks of a pullback. If Bitcoin manages to settle below $ 62,000, it has a good chance of testing the psychologically important support level at $ 60,000, which will be bearish for the entire crypto market, including Shiba Inu.
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Meanwhile, Dogecoin continues its attempts to settle above the resistance at $ 0.2520. Dogecoin tried to level above $ 0.27 yesterday but lost momentum and fell below $ 0.25. If Dogecoin manages to get back above the resistance at $ 0.2520, it will move towards the next resistance level at $ 0.2570, which will be bullish for Shiba Inu as it suggests interest in memes - Coins stays strong.
Shiba Inu failed to settle above the next resistance level at $ 0.00002950, but instead managed to stabilize in the $ 0.000028 to $ 0.000029 range. The RSI has recently moved back into moderate territory, leaving plenty of room for additional upside momentum should the right catalysts emerge.
If Shiba Inu settles above the resistance at $ 0.00002950, it will be heading for the next resistance level at $ 0.00003150. No major levels have been formed between $ 0.00002950 and $ 0.00003150 so this move can be quick. A successful test of the resistance at $ 0.00003150 will propel Shiba Inu towards the next resistance level at $ 0.000035.
On the support side, the next level of support for Shiba Inu is at $ 0.00002650. If Shiba Inu settles below this level, it will be heading for the next support at $ 0.00002560. Movement below this level opens the way to test the $ 0.00002355 support. If Shiba Inu falls below this level, it will head for the 20 EMA at $ 0.00002290.
You can find an overview of all today's economic events in our economic calendar.
This article was originally published on FX Empire
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