• Wed. Feb 21st, 2024

Shiba Inu (SHIB) Tests $0.0000085 Resistance Level

Steve Kornacki

BySteve Kornacki

Aug 20, 2021

Shiba Inu (SHIB) manages to climb over $0.000008 as it attempts to accumulate enough momentum to support upward trends.

Shiba Inu Gains towards Weekend

SHIB’s recent price movements had the altcoin settling over its resistance at $0.0000085. Such price actions come as Bitcoin extends its trading activities in the $46,000 support and the $48,000 resistance.

Bitcoin managed to test the substantial resistance zone at $48K before pulling back due to lost momentum. Keep in mind that the $48,000 resistance has proven significant after several attempts by the asset. If the upcoming sessions favor Bitcoin bulls to maintain over $48,000, the coin will accumulate enough momentum to head to the psychological level at $50,000. That would mean an overall market bullishness, triggering SHIB’s upside movements.

On the other side, Dogecoin (DOGE), which impacts Shiba Inu developments, tried to climb over its resistance level at $0.33 before losing momentum. Meanwhile, a move over $0.33 will have DOGE rallying to the resistance zone at $0.35, a bullish scenario for SHIB.

Technical Analysis

Recent price actions in the Shiba Inu network have seen SHIB trading over $0.000008 as it attempts to test its following resistance zone around $0.0000085. Meanwhile, the recent pullbacks by SHIB had the RSI returning to the moderate region. The meme coin has a higher probability of surging with the emergence of the correct catalyst.

If SHIB managed to overpower the $0.0000085 resistance, it would head towards the 2nd resistance located at $0.000009. Price action over this level will see Shiba Inu moving to the following resistance around its recent highs around $0.0000093. If SHIB maintains this resistance, the asset will have extended upside movements towards the $0.0000096 levels.

On the other hand, SHIB has its nearest support zone at $0.000008. Any move beneath this zone will see Shiba Inu moving to its following support around the 20 exponential moving average at $0.0000077. In cases where the meme coin drops beneath the 20-EMA, it will plunge to the 50 exponential moving average at $0.00000745.

The total market rally will support Shiba Inu’s upside thesis. That would mean lucrative developments in Bitcoin and altcoins like Dogecoin.

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Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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