Shiba Inu Tests Support At $0.000007 As Pullback Continues

Vladimir Zernov
Published: Aug 30, 2021, 08:16 GMT+00:00

Shiba Inu settled below the 50 EMA and is testing the support level at $0.000007.

Shiba Inu

Shiba Inu Remains Under Pressure While Bitcoin Tests Support At $48,000

Shiba Inu is currently trying to settle below the support level at $0.000007 while Bitcoin is testing the support at $48,000.

Bitcoin has recently made another attempt to settle above the key resistance level at $50,000 but failed to develop sufficient upside momentum and pulled back towards the support at $48,000. The nearest support level for Bitcoin is located at the 20 EMA at $47,000. In case Bitcoin declines below the 20 EMA, it will head towards the next support level at the recent lows at $46,000 which will be bearish for Shiba Inu and other cryptocurrencies.

Not surprisingly, Bitcoin’s failure to settle above the major resistance at $50,000 had a negative impact on the crypto market. Dogecoin remains stuck near the $0.28 level. Ethereum slipped back below $3,200, while XRP continues its attempts to settle below $1.12.

The lack of momentum in Bitcoin is clearly bearish for other cryptocurrencies, and Shiba Inu needs an improvement in crypto market sentiment to gain upside momentum.

Technical Analysis

shiba inu august 30 2021

Shiba Inu settled below the 50 EMA at $0.00000745 and is trying to settle below the next support level at $0.000007. This support level has already been tested several times and proved its strength.

In case Shiba Inu declines below $0.000007, it will head towards the next support level which is located at $0.0000067. A successful test of this level will open the way to the test of the support at $0.0000065. A move below $0.0000065 will push Shiba Inu towards the support at $0.0000063.

On the upside, the nearest resistance level for Shiba Inu is located at the 50 EMA at $0.00000745. A move above this level will push Shiba Inu towards the resistance at $0.0000077. In case Shiba Inu settles above $0.0000077, it will head towards the next resistance level at $0.000008. If Shiba Inu gets above this level, it will continue its upside move and head towards the resistance at $0.0000085.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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