- Shiba Inu rose roughly 35% as the meme-coin gathered strength against the US dollar.
- On Thursday, the SHIB/USD pair is trading at the $0.0000069 level with a bullish bias, adding +4.33% until now.
- Forex trading market participants should look for a sell trade below the $0.00000677 level.
On Thursday, the SHIB/USD pair is trading at the $0.0000069 level with a bullish bias, adding +4.33% until now. The day before, the SHIB/USD closed at $0.00000667 after placing a high of $0.00000815 and a low of $0.00000543. The SHIB/USD surged to its highest level since the 24th of August after dropping massively in the previous session. Is it a good time to buy cheap now? Let’s find out below…
Shiba Inu rose roughly 35% as the meme-coin gathered strength against the US dollar. Shiba Inu faced massive traffic from buyers after dropping to its multi-month low level on Tuesday. That’s because investors were trying to buy the dip. The buy-the-dip scenario added an accelerated push in SHIB/USD prices as investors entered the market under heavy pressure.
Furthermore, some analysts suggested that major whales were buying both meme-currencies Dogecoin and Shiba Inu. Moreover, big-time investors collect a bulk of the available coins and then sell them later for a significant return on investment. Typically, they do it to book a profit and leave the market to crash.
Shiba Inu petition for a Robinhood exchange
Furthermore, Shiba Inu’s coin got mainstream attention again as the SHIB community’s petition to list the token on commission-free exchange Robinhood attained 181,091 signatures. The recent report from the exchange has disclosed that 62% of its crypto revenue was generated from Dogecoin in Q2.
This prompted the SHIB community to get its token listed on the exchange, as there was great potential to offer double-digit gains to traders. This also added further gains in SHIB/USD on Wednesday, which was already high due to the buy-the-dip trend of the market.
SHIB/USD Price Prediction – Daily Technical Levels
Support Resistance
0.00000535 0.00000807
0.00000403 0.00000947
0.00000263 0.00001079
Pivot point: 0.00000675
Shiba Inu Price Prediction – Choppy Session in Play – Buy Cheap Now?
Shiba Inu price prediction remains bearish below a strong resistance level of 0.00000710. On the 2 hour timeframe, the SHIBA/USD has completed 50% Fibonacci retracement at the $0.0000067 level. Below this, the next level of support is at the 61.8% Fibonacci retracement level of 0.00000645.
On the bullish side, the $0.00000720 resistance level breakout could drive additional buying until the $0.00000756 and $0.00000772 levels. In contrast, the bearish breakout of $0.00000695 levels can extend sales to $0.00000679 and $0.00000656.
On the technical front, the 50 period EMA (exponential moving average – red line) supports buying at around 0.00000677. The Stochastic RSI remains in the overbought zone, meaning the pair needs to retrace back before exhibiting a buying trend in SHIB/USD.
Hence, the Forex trading market participants should look for a sell trade below the $0.00000677 level. The initial target remains at $0.0000064 and $0.00000600. Conversely, the $0.00000719 level breakout can trigger a buying trend until $0.00000751 and $0.00000810. All the best.
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