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Shiba Inu Rallies After Successful Test Of The Resistance At $0.000035

Shiba Inu gained strong upside momentum after it managed to get above the key resistance level at $0.000035 and made an attempt to get to the test of the $0.000045 level.

This move happened on rising trading volume, although it remains below levels that were seen at the beginning of October when Shiba Inu rallied after a successful test of the resistance at $0.000010.

Dogecoin also moved higher today, but this move was modest. Dogecoin faced resistance near $0.27 and pulled back towards $0.2550. It looks that Dogecoin may face some challenges in the upcoming trading sessions as traders may direct their funds into Shiba Inu.

It should be noted that Shiba Inu continues to close the gap in market capitalization with Dogecoin. According to CoinMarketCap, Dogecoin’s current market cap is $33.6 billion, while Shiba Inu market cap has surpassed the $15 billion level.

Crypto markets are very dependent on momentum. In case Shiba Inu continues to move higher at a robust pace, a switch from Dogecoin to Shiba Inu will be almost inevitable, providing additional support to Shiba Inu. It remains to be seen whether there is enough space for two “dog coins” in the top-10, so Dogecoin bulls should be on high alert if Shiba Inu continues to rally.

Technical Analysis

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Shiba Inu managed to settle above the resistance at $0.00003775 and is trying to settle above the next resistance level which has recently emerged near $0.000040.

RSI is in the overbought territory, but it is located well below previous highs that were reached at the beginning of October, so there is plenty of room to gain additional upside momentum.

If Shiba Inu settles back above $0.000040, it will head towards the recent highs at $0.00004450. A move above this level will open the way to the test of the $0.000050 level.

On the support side, a move below $0.000040 will push Shiba Inu towards $0.00003775. In case Shiba Inu declines below this level, it will head towards the support level at $0.000035.

A successful test of the support at $0.000035 will open the way to the test of the next support at $0.000032. If Shiba Inu gets below this level, it will head towards the next support level at $0.00002950.

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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