The current positivity in the crypto market saw Shiba Inu settling over $0.000007 and trying to break over the $0.000008 resistance level.
The meme coin SHIB settled over the $0.000007 resistance and aiming to trade over its next resistance zone at $0.000008. Keep in mind that the leading coin BTC tests the $35,300 resistance zone at 20 EMA at the moment.
Over the past trading sessions, most alternative coins have been mimicking Bitcoin changes. The leading currency has shown gradual increases during the weekend. If the world’s best crypto asset maintains over the 20 EMA, it might assure another uptrend momentum, heading to its next resistance zone at $38,000. Such a move will ensure bullish moves for other digital coins, including SHIB.
Currently, Ethereum trades over its $2,000 crucial level with signs to reclaim the $2,100 level. Ripple remains flat at $0.65. On the other hand, DOGE, which impacts SHIB price movements, pulled back to $0.26.
At the moment, the overall cryptocurrency market indicates positive moods as we start the week. It seems like SHIB has a high probability of an increased uptrend. However, the meme asset has to maintain over the vital resistance level at $0.000008.
Technical Analysis
At the moment, SHIB tests the nearby resistance region at $0.000008. Relative Strength Index remains in the moderate zone. The asset has a higher chance to gain an increasing moment if the best catalysts enter the market.
If SHIB manages to trade over the $0.000008, it might move to the following resistance zone at $0.000010. Keep in mind that the meme asset did not form vital levels in the $0.000008 – $0.000010 range, translating to quick moves.
A successful $0.000010 test might push SHIB to the $0.000012 resistance level. If the altcoin trades above this zone, it would move to the $0.00001350 resistance.
As far as the support zone is concerned, Shiba Inu will have the previous $0.000007 resistance serving as its support level. If the asset settles beneath this zone, the next target support will be at $0.0000063. Any price change below the level might send the meme coin to the next support zone at $0.0000055.
Where do you see Shiba Inu in the coming trading sessions? Comment in the section below.
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