Shiba Inu Is Stuck In A Tight Range

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.

Ethereum made an attempt to settle above $2,750 but lost momentum and pulled back below $2,700. Dogecoin faced resistance at the 20 EMA at $0.2025 and declined below $0.20.

At this point, Shiba Inu lacks internal catalysts, and it needs a general rally in crypto markets to gain additional upside momentum.

Technical Analysis

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.

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