Shiba Inu Retreats Amid Broad Weakness In Crypto Markets

Shiba Inu Is Under Pressure

Shiba Inu is currently trying to settle below the support level at $0.000007 while Bitcoin is moving lower. The world’s leading cryptocurrency has managed to settle above the resistance at $51,500 and made an attempt to settle above the next resistance level at $53,000. This attempt yielded no results and Bitcoin pulled back, which triggered a pullback in many cryptocurrencies.

Ethereum failed to settle above the psychologically important $4,000 level and moved below $3,900. Dogecoin is currently trying to settle below $0.30 while XRP is testing the support at $1.35.

Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has recently moved away from lows near 41%. It should be noted that the recent decline of Bitcoin Dominance provided no material support to Shiba Inu as traders focused on major altcoins.

Technical Analysis

Shiba Inu settled below the support at $0.00000745 and got to the test of the next support level at $0.000007. RSI remains in the moderate territory, 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 level at $0.000007, it will move towards the next support at $0.0000067. A successful test of this level will push Shiba Inu towards the support which is located at the recent lows at $0.0000065. If Shiba Inu settles below this support level, it will head towards the next support at $0.0000063.

On the upside, the nearest resistance level for Shiba Inu is located at $0.00000745. A move above this level will push Shiba Inu towards the resistance near the recent highs at $0.0000077. In case Shiba Inu gets above this level, it will head towards the next resistance level at $0.000008. A successful test of this level will provide Shiba Inu with an opportunity to get to the test of the next resistance at $0.0000085.

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