Shiba Inu Tries To Settle Above $0.000007 As Bitcoin Rebounds

Shiba Inu Rebounds After Sell-Off

Shiba Inu is trying to settle back above $0.000007 while Bitcoin is testing the resistance level at $42,600.

The world’s leading cryptocurrency has recently made an attempt to settle below the psychologically important support level at $40,000 but lost momentum and moved back to the resistance at $42,600. In case the test of the resistance at $42,600 is successful, Bitcoin will head towards the next resistance at $44,000 which will be bullish for the whole crypto market, including Shiba Inu.

Other cryptocurrencies are also gaining ground today. Ethereum is trying to get to the test of the resistance level at $3,000. Dogecoin has recently managed to get back above $0.21 while XRP is trying to settle above the resistance at $0.95.

Technical Analysis

Shiba Inu is currently testing the resistance level at $0.000007. In case this test is successful, it will head towards the next resistance which is located at the 50 EMA at $0.0000073. The 20 EMA is located at the same level, so Shiba Inu will likely face significant resistance near $0.0000073.

If Shiba Inu manages to settle above the 50 EMA, it will gain additional upside momentum and head towards the next resistance level at $0.00000745. A move above this level will open the way to the test of the resistance at $0.0000077. A successful test of the resistance at $0.0000077 will open the way to the test of the next resistance which is located at $0.000008.

On the support side, a move below $0.000007 will push Shiba Inu towards the support at $0.0000067. RSI remains in the moderate territory, and there is plenty of room to gain downside momentum in case the right catalysts emerge.

In case Shiba Inu manages to settle below the support at $0.0000067, it will move towards the next support level at $0.0000065. A move below this level will push Shiba Inu towards the support level which is located at $0.0000063.

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