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Shiba Inu (SHIB) Nears the $0.00002950 Resistance Level

Shiba Inu has its movements inside the $0.000028 – $0.000029 price range.

SHIB Retraces

Shiba Inu saw slight retracements after the meme coin tried to rise past the resistance zone at $0.00002950 as BTC remained somewhat flat. The world’s dominant crypto has attempted to stabilize past the 62,900 resistance but did not have enough momentum to maintain upside actions.

Bitcoin’s Relative Strength Index is still in the overbought region, increasing pullback risks. If the coming sessions see BTC settling under $62,000, the leading crypto will increase its probability of testing the psychological support zone at $60,000. Such actions will translate to bearishness for the entire crypto space, including SHIB.

On the other hand, Dogecoin still battles to settle beyond the resistance level at $0.2520. Yesterday, the leading meme token attempted to stabilize past $0.27, but inadequate momentum had it correcting under $0.25. If Dogecoin conquers the resistance level at 40.2520, it will rise towards the resistance area at $0.2570. Such actions will show increased meme coins interest and a bullish case for Shiba Inu.

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Technical Analysis

Shiba Inu failed to maintain beyond its closest resistance area at $0.00002950 but kept its movements inside the $0.000028 to $0.000029 price range. Meanwhile, the Relative Strength Indicators recently entered the moderate region. That shows magnified possibilities for the coin to gain additional upward momentum with the correct catalysts.

If Shiba Inu manages to stay beyond the $0.00002950 resistance, it will move to the following resistance located at $0.00003150. The canine-themed crypto has no vital levels in the range mentioned above. So Shiba Inu might move fast. If SHIB succeeds in testing $0.00003150 resistance, it will head to the next challenge around $0.000035.

On the support front, SHIB has its closes support zone at $0.00002650. If the coin settles under this area, it may plummet towards the support located at $0.00002560. Upside catalysts might be necessary for SHIB to prevent further plunges towards $0.00002355. Breaching this support can have Shiba Inu declining to the 20 exponential moving average at $0.00002290.

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Meanwhile, correct catalysts to trigger meme coins uptrends will see Shiba Inu rising towards the anticipated levels. Also, Bitcoin’s movements are vital to determine SHIB’s upcoming movements.

We have more market updates coming your way. Stay around.

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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