Shiba Inu SHIB token symbol of the DeFi project in a digital cir

Shiba Inu Pulls Back After Strong Upside Move

Shiba Inu Loses Ground As Dogecoin Declines

Shiba Inu pulled back below $0.000009 after an unsuccessful attempt to settle above the major resistance level at $0.000010.

Yesterday, Shiba Inu managed to settle above the resistance at $0.000007 and developed significant upside momentum. Today, Shiba Inu is moving lower while Bitcoin continues its attempts to settle above the key resistance level at $40,000. If Bitcoin manages to settle above this level, other cryptocurrencies will likely get additional support, which will be bullish for Shiba Inu.

Meanwhile, Dogecoin is losing ground after it failed to settle above the 50 EMA at $0.3420. Currently, Dogecoin is trying to settle below $0.32. I’d note that Dogecoin’s trading volume has decreased in recent trading sessions, which is a worrisome development for Dogecoin bulls. If Dogecoin moves towards recent lows near $0.30, Shiba Inu may find itself under more pressure.

Technical Analysis

shiba inu june 16 2021

Shiba Inu has recently tried to get above the resistance at $0.000010 but failed to develop sufficient upside momentum and pulled back. RSI remains in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.

If Shiba Inu gets above the resistance at $0.000010, it will head towards the next resistance level which is located at $0.000012. A move above this level will open the way to the test of the next resistance level at $0.0000135.

On the support side, the nearest support level for Shiba Inu is located at $0.000008. No important levels were formed between $0.000008 and $0.000010 so Shiba Inu may quickly get to the test of the support at $0.000008 if the crypto market find itself under more pressure.

A move below the support at $0.000008 will push Shiba Inu towards the next support at $0.000007. In case Shiba Inu declines below this level, it will head towards the support at $0.0000063. A move below this level will open the way to the test of the support at $0.0000055.

For a look at all of today’s economic events, check out our economic calendar.