Shiba Inu Rallies To New Highs While Dogecoin Remains Under Pressure

·2 min read

Shiba Inu’s Market Cap Continues To Rise

Shiba Inu has recently made an attempt to get above $0.000060 while other cryptocurrencies remained under pressure.

Shiba Inu is a bright spot in today’s crypto market. The world’s leading cryptocurrency, Bitcoin, continues its attempts to settle below the psychologically important support level at $60,000. Ethereum is testing the support level at $4,150. Solana managed to settle back below the $200 level, while XRP has moved back below $1.10.

Dogecoin is also moving lower. Interestingly, Robinhood has recently reported its third-quarter results and stated that its crypto transaction-based revenue declined by as much as 78% compared to the second-quarter. Dogecoin was the main contributor to Robinhood’s revenue in Q2 2021, so the report indicates that retail traders’ interest in Dogecoin is declining.

This is bearish for Dogecoin and bullish for Shiba Inu, which aims to replace Dogecoin as a leading “dog coin”. According to CoinMarketCap, Shiba Inu’s market capitalization is roughly $22 billion, while Dogecoin’s market cap is $33 billion.

Technical Analysis

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Shiba Inu managed to settle above the resistance at $0.000055 and made an attempt to settle above the next resistance level which has emerged at $0.00005950.

RSI is in the extremely overbought territory, and it is located close to yearly highs that were reached back at the beginning of October. Thus, the risks of a material pullback are significant, although the current upside trend is very strong.

In case Shiba Inu manages to settle above the resistance at $0.00005950, it will gain additional upside momentum and move to new highs.

On the support side, the previous resistance at $0.000055 will serve as the first support level for Shiba Inu. The next support level is located at $0.00004950. If Shiba Inu declines below this level, it will move towards the support at $0.000047. A successful test of this level will open the way to the test of the support at $0.00004450.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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