Shiba INU coin

Shiba Inu Tests Resistance At $0.0000085

Shiba Inu Tries To Gain More Ground Ahead Of The Weekend

Shiba Inu made an attempt to settle above the resistance level at $0.0000085 while Bitcoin continued to trade in the range between the support level at $46,000 and the resistance level at $48,000.

Bitcoin has recently made an attempt to get to the test of the significant resistance level at $48,000 but lost momentum and pulled back. The resistance at $48,000 has already been tested several times and proved its strength. In case Bitcoin manages to settle above this level, it will gain additional upside momentum and head towards the psychologically important $50,000 level which will be bullish for the whole crypto market, including Shiba Inu.

Meanwhile, Dogecoin, which often has an impact on Shiba Inu dynamics, made an attempt to get above the resistance at $0.33 but also lost momentum. A move above $0.33 will push Dogecoin towards the resistance at $0.35 which will be bullish for Shiba Inu.

Technical Analysis

shiba inu august 20 2021

Shiba Inu has recently managed to settle back above $0.000008 and is trying to get above the next resistance level which is located at $0.0000085. RSI returned to the moderate territory after the recent pullback, and there is plenty of room to gain upside momentum in case the right catalysts emerge.

If Shiba Inu manages to settle above the resistance level at $0.0000085, it will head towards the next resisatnce at $0.000009. A move above $0.000009 will open the way to the test of the next resistance which is located near the recent highs at $0.0000093. In case Shiba Inu gets above this level, it will continue its upside move and head towards the next resistance at $0.0000096.

On the support side, the nearest support level for Shiba Inu is located at $0.000008. A move below this level will push Shiba Inu towards the next support which is located at the 20 EMA at $0.0000077. In case Shiba Inu declines below the 20 EMA, it will head towards the 50 EMA at $0.00000745.

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