Shiba Inu Is Stuck In A Tight RangeShiba Inu is moving towards the support level at $0.0000061.
Shiba Inu Drifts Lower As Bitcoin Fails To Settle Above Key Resistance At $40,000
Shiba Inu managed to settle below the support level at $0.0000063 and is trying to get closer to the $0.0000061 level while other cryptocurrencies are moving lower.
Bitcoin has once again failed to settle above the key resistance level at $40,000 and declined below the support at $39,200. If Bitcoin gets to the test of the next support level at $38,000, Shiba Inu and other cryptocurrencies may find themselves under additional pressure.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
At this point, Shiba Inu lacks internal catalysts, and it needs a general rally in crypto markets to gain additional upside momentum.
Shiba Inu is currently stuck in a tight range between the support at $0.0000061 and the resistance at $0.0000063. 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 manages to settle below the support at $0.0000061, it will head towards the next support level which is located at $0.000006. A successful test of this level will push Shiba Inu towards the support at $0.0000057. In case Shiba Inu declines below the support at $0.0000057, it will head towards the next support at $0.0000055.
On the upside, the nearest resistance level for Shiba Inu is located at the high of the current trading range at $0.0000063. If Shiba Inu manages to settle back above this level, it will head towards the next resistance level near the 20 EMA at $0.0000065.
A move above the resistance at the 20 EMA at $0.0000065 will push Shiba Inu towards the resistance at $0.0000067. In case Shiba Inu gets above this resistance level, it will head towards the next resistance which is located near the 50 EMA at $0.000007.
For a look at all of today’s economic events, check out our economic calendar.