Shiba Inu Gains Ground At The Start Of The Week
In case Bitcoin manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the next resistance at $38,000 which will be bullish for other cryptocurrencies, including Shiba Inu.
Ethereum has recently managed to get back above the $2,000 level and is moving towards the 2,100 level. XRP is flat near $0.65 while Dogecoin, which often has a material impact on Shiba Inu dynamics, has pulled back towards $0.26.
In general, the crypto market mood is positive at the start of this week, and it looks that Shiba Inu has decent chances to gain additional upside momentum in case it manages to settle above the resistance at $0.000008.
Shiba Inu is currently testing the nearest resistance level which is located at $0.000008. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
In case Shiba Inu manages to settle above the resistance at $0.000008, it will head towards the next resistance level at $0.000010. No important levels were formed between $0.000008 and $0.000010 so this move may be fast.
A successful test of the resistance at $0.000010 will push Shiba Inu towards the resistance at $0.000012. If Shiba Inu gets above this level, it will move towards the resistance at $0.00001350.
On the support side, the previous resistance at $0.000007 will serve as the first support level for Shiba Inu. If Shiba Inu manages to settle below this level, it will move towards the support at $0.0000063. A move below $0.0000063 will open the way to the test of the next support level which is located at $0.0000055.
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