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.
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.
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