Market Analysis, News

Shiba Inu Remains Close To Resistance – Is It The Right To Invest?

Shiba Inu (SHIB) retreated after failing to break through resistance at $0.00002842 USD, while Bitcoin (BTC) price reaches All-Time Highs, trading over $65k.

The world’s most popular cryptocurrency recently attempted to settle above the $66,900 resistance level but failed to gain enough upside momentum. Because Bitcoin’s RSI is still in overbought territory, the chances of a downturn are growing. If Bitcoin falls below $65,000, it has a strong possibility of testing the psychologically significant support level of $62,000, which would have some impact on the whole crypto market, including Shiba Inu.

Meanwhile, Dogecoin is attempting to break over the resistance level of $0.25230 USD. Dogecoin attempted to settle over $0.27 yesterday, but lost steam and fell back below $0.25. If Dogecoin is able to break over the resistance level of $0.2530, it will advance towards the next resistance level of $0.2570, which will be positive for Shiba Inu since it would signal that interest in meme currencies is still high.

Shiba Inu was unable to break over the nearest resistance level of $0.00002950, however, it did manage to find support in the $0.000028 – $0.000029 zone. The RSI has just moved back into the moderate range, indicating that there is still plenty of opportunities for more upward momentum to build if the proper triggers arise.

Shiba Inu Remains Close To Resistance - Is It The Right To Invest?

Shiba Inu Price Chart – TradingView

Shiba Inu will go towards the next resistance level at $0.00003150 if it settles above the barrier at $0.00002950. Between $0.00002950 and $0.00003150, no significant levels were created, suggesting that this move might be quick. SHIB will be pushed towards the next resistance level at $0.000035 if the resistance at $0.00003150 is successfully tested.

The nearest support level for Shiba Inu is $0.00002650 on the support side. If SHIB falls below this level, it will make its way to the next level of support, which is $0.00002560. If the price falls below this level, the support level of $0.00002355. will be tested. If Shiba Inu falls below this level, it will make its way to the 20 EMA, which is at $0.00002290.

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