Shiba Inu Rallies As Trading Volume Keeps Growing

Shiba Inu Gained Strong Upside Momentum

Shiba Inu continues to rally on high trading volume. The cryptocurrency gained strong upside momentum after it managed to get above the resistance at $0.000010 and is currently trying to settle above $0.00002350.

According to CoinMarketCap, the rapid upside move pushed Shiba Inu into the top-20 cryptocurrencies by market capitalization.

Meanwhile, Dogecoin is also moving higher, although its move is very modest in comparison with Shiba Inu’s move. Currently, Dogecoin is trying to settle above $0.27.

Bitcoin has recently managed to get above the psychologically important resistance at $50,000 and is testing the next resistance at $51,500. A move above this level will open the way to the test of the resistance at September highs at $53,000 which will be bullish for the whole crypto market. However, it remains to be seen whether this move will have any impact on Shiba Inu whose dynamics are currently dependent on internal factors.

Technical Analysis

Shiba Inu managed to settle above the resistance at $0.00002220 and is trying to settle above the next resistance level which is located at $0.00002350. RSI is in the extremely overbought territory, and the risks of a pullback are high.

In case Shiba Inu settles above the resistance at $0.00002350, it will head towards the next resistance level at $0.00002560. A move above this level will open the way to the test of the resistance at $0.00003135. If Shiba Inu gets above this level, it will head towards the resistance at $0.000035.

On the support side, the previous resistance at $0.00002220 will serve as the first support level for Shiba Inu. In case Shiba Inu declines below this level, it will move towards the support at $0.000020. A move below this level will indicate that Shiba Inu will try to develop additional downside momentum.

It should be noted that there are huge gaps between levels so traders should be prepared to deal with fast moves.

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