The Shiba Inu is slides as cryptocurrency markets fall. Shiba Inu is currently attempting to testing support at $0.00000615, while Bitcoin weekly support coming around remains locked between $28000 levels.
Bitcoin just fell below a key support level of $41600, but it was unable to move towards the next support level of $28000. This is a good sign for the entire crypto market because it shows that the world’s most popular cryptocurrency is still getting some support following the recent pullback.
Meanwhile, Dogecoin, which has a significant impact on Shiba Inu dynamics, has fallen below $0.18 and is continuing to fall. Dogecoin had a brief comeback effort lately, but it was immediately thwarted. As a result, Dogecoin’s technical picture is still bearish, and Shiba Inu’s is likewise bearish.
Shiba Inu has broken below the support level of $0.000007 and is now attempting to break below the next support level of $0.0000063. Despite the recent retreat, the RSI remains in the moderate range, and there is plenty of space for more downside momentum if the correct catalysts surface.
After a successful test of the support at $0.0000055, the support at $0.0000044 will be tested. If the price falls below this level, the next support level of $0.0000034 will be tested.
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.