Shiba Inu Failed To Settle Below The Key Support Level

Shiba Inu Video 09.06.21.

Support At $0.000007 Stays Strong

Shiba Inu has recently made an attempt to settle below the key support level at $0.000007 but failed to develop sufficient downside momentum and moved back above this level.

Shiba Inu found itself under material pressure in recent trading sessions as the crypto market moved lower. Bitcoin has recently tried to get to the test of the support at $30,000 which hurt sentiment across crypto markets.

Today, Bitcoin moved closer to the $35,000 level and other cryptocurrencies are also moving higher. Ethereum managed to get back above the $2,500 level while Dogecoin is trying to settle above $0.33.

The market sentiment will likely depend on Bitcoin which needs to settle above $35,000 to have a chance to develop additional upside momentum in the near term. If Bitcoin fails to settle above this level, it will likely move closer to $30,000 which will be bearish for the whole crypto market and may push Shiba Inu below the key support at $0.000007.

Technical Analysis

Shiba Inu tested the support at $0.000007 but failed to settle below this level. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Shiba Inu declines below the support at $0.000007, it will move towards the next support level which has recently emerged at $0.0000063. A successful test of this level will push Shiba Inu towards the next support at $0.0000044. There are no important level between $0.0000044 and $0.0000063 so this move may be fast.

On the upside, Shiba Inu needs to stay above $0.000007 to have a chance to develop upside momentum in the near term. The next resistance level for Shiba Inu is located at $0.000008. In case Shiba Inu manages to settle above this level, it will head towards the key resistance level which is located at $0.000010.

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