Shiba Inu Heads Towards Resistance At $0.000010

Shiba Inu Continues To Move Higher

Shiba Inu managed to get above the resistance at $0.000008 and continues to move higher while Bitcoin is testing the resistance at $35,000.

Bitcoin is currently trying to settle above the resistance which is located near the 20 EMA at $35,000. This resistance level has already been tested several times in recent trading sessions and proved its strength. In case Bitcoin manages to settle above $35,000, it will gain upside momentum and head towards the resistance at $38,000 which will be bullish for the whole crypto market.

I’d note that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, faced resistance near 48% and declined below the 47% level, indicating that traders are buying more altcoins. This is bullish for Shiba Inu.

Dogecoin failed to settle below the $0.25 level which is another bullish development for Shiba Inu.

Technical Analysis

Shiba Inu did not face serious resistance at $0.000008 and continues its upside move. RSI has moved closer to the overbought territory after Shiba Inu moved from $0.0000056 to 0.0000086, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

The next resistance level for Shiba Inu is located at $0.000010. No important resistance level were formed between $0.000008 and $0.000010 so Shiba Inu has a good chance to get to the test of the resistance at $0.000010 in the near term.

In case Shiba Inu settles above $0.000010, it will move towards the next resistance at $0.000012. A successful test of this level will open the way to the test of the resistance at $0.00001350.

On the support side, the previous resistance at $0.000008 will serve as the first support level for Shiba Inu. In case Shiba Inu declines below this level, it will head towards the next support at $0.000007. A move below this level will push Shiba Inu towards the support at $0.0000063.

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This article was originally posted on FX Empire