Shiba Inu Remains Under Pressure After Recent Sell-Off

Shiba Inu Keeps Moving Lower

Shiba Inu failed to settle above the 20 EMA at $0.00005040 and moved lower as traders remained worried about the recent move of one of the coin’s largest holders. Several days ago, Shiba Inu found itself under strong pressure after more than 40 trillion tokens were moved to new wallets.

Meanwhile, other cryptocurrencies show mixed dynamics. Bitcoin is currently trying to settle back above the $62,000 level. Ethereum is stuck near the resistance level at $4,535. Solana has recently made an attempt to get to the test of the recent highs near $250 but lost momentum and pulled back below the $245 level. Dogecoin, whose volatility decreased in recent days, continues its attempts to settle below the 20 EMA at $0.2615.

While crypto markets are calm, Shiba Inu traders remain worried about the potential sale of the recently moved coins, and these worries continue to put pressure on the meme cryptocurrency.

Technical Analysis

Shiba Inu faced resistance at the 20 EMA at $0.00005040 and pulled back below the support level at $0.00004950. In case Shiba Inu manages to settle below this support level, it will head towards the next support which is located at $0.000047.

A successful test of the support at $0.000047 will open the way to the test of the next support at $0.00004450. If Shiba Inu declines below this level, it will head towards the support at $0.000040.

On the upside, a move above $0.00004950 will push Shiba Inu back towards the 20 EMA at $0.00005040. Shiba Inu needs to get above the 20 EMA to have a chance to develop material upside momentum in the near term.

If Shiba Inu settles above the 20 EMA, it will head towards the next resistance level which is located at $0.000055. A successful test of this level will open the way to the test of the next resistance at $0.00005950. It should be noted that few levels were formed between the 20 EMA at $0.00005040 and $0.000060, so Shiba Inu will have a good chance to develop strong upside momentum if it manages to settle above the 20 EMA.

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