Shiba Inu Remains Under Pressure At The Start Of The Week

Shiba Inu Declines As Crypto Markets Move Lower

Shiba Inu is currently trying to get to the test of the support at $0.0000063 while Bitcoin is stuck in the $31,000 – $32,000 range.

Bitcoin has recently managed to get below the important support level at $32,000 but failed to move towards the next support at $31,000. This is a positive development for the whole crypto market as it indicates that the world’s leading cryptocurrency continues to get some support after the recent pullback.

Meanwhile, Dogecoin, which often has a material impact on Shiba Inu dynamics, has managed to get below $0.18 and continues to drift lower. Dogecoin has recently made an attempt to rebound but this attempt was quickly stopped. As a result, the technical picture for Dogecoin remains bearish, which is also bearish for Shiba Inu.

Technical Analysis

Shiba Inu managed to settle below the support at $0.000007 and is trying to settle below the next support level which is located at $0.0000063. RSI remains in the moderate territory despite the recent pullback, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case Shiba Inu declines below the support at $0.0000063, it will move towards the major support level at $0.0000055. Shiba Inu made two attempts to settle below $0.0000055 back in June but received strong support near this level.

A successful test of the support at $0.0000055 will open the way to the test of the support at $0.0000044. A move below this level will open the way to the test of the next support at $0.0000034.

On the upside, the previous support at $0.000007 will serve as the first resistance level for Shiba Inu. In case Shiba Inu gets above this level, it will move towards the resistance at $0.000008. A move above this level will push Shiba Inu towards the resistance level which is located at $0.000009.

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