By Nicolash Ferreira Souza (Brazil)
Shiba Inu (SHIB) settles beneath the 50 exponential moving average as the meme coin tests the support zone at $0.000007. The canine-themed crypto sees price pressure as BTC revisits the $48K support.
For now, Shiba Inu (SHIB) attempts to settle beneath the $0.000007 support as the leading cryptocurrency, Bitcoin, tests the support near $48,000. Keep in mind that Bitcoin’s movements have affected the behavior of most coins.
Recently, BTC attempted to maintain above the $50,000 resistance but failed. Insufficient catalysts to support the upside attitude had the crypto pulling back towards the $48,000 support. For now, the crypto has its support near the 20-EMA at $47,000. If the dominant crypto breaches this support, it will plunge towards its recent lows of $46,000. Such a move will mean bearishness for alternative coins, including Shiba Inu.
Keep in mind that the BTC’s failure to recapture the $50,000 support affected the crypto market negatively. Dogecoin (DOGE) has its price movements stuck around the $0.28 mark. ETH plunged beneath $3,200 as XRP extends its efforts, trying to settle beneath $1.12.
Also read:Bitcoin’s lack of momentum translates to bearishness to altcoins. That said, Shiba Inu depends on crypto market improved sentiments to see upside trends. The emergence of upside catalysts will lead to uptrends by other cryptos.
Technical Analysis
Shiba Inu (SHIB) has its price actions beneath the 50-EMA near $0.00000745 as the meme crypto attempts to settle beneath its following support at $0.000007. Keep in mind that the coin has tested this support multiple times, and it proves reliable.
If SHIB plunges beneath $0.000007, the coin will head to the following support at $0.0000067. If bulls fail to come to the rescue, Shiba Inu will see its price dropping to $0.0000065. Breaking below this price level will witness the crypto heading to the support at $0.0000063.
On the other hand, bullishness will take the meme asset to the initial resistance at the 50-EMA around $0.00000745. A price move past this zone will have SHIB at $0.0000077. If it manages to settle over this zone, it will encounter the following resistance at $0.000008. With increased upside trends, the themed coin will hit its upside resistance located at $0.0000085.
Stay tuned for recent crypto updates.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.