- On Monday, the SHIB/USD pair is trading at the $0.00000691 level with a bullish bias, adding -11.84% until now.
- The hype of Shiba Inu was boosted after the CEO of Tesla, Elon Musk, showed his fascination for meme-based currency dogecoin,
- Forex trading market participants should look for a sell trade below the $0.00000690 level.
On Monday, the SHIB/USD pair is trading at the $0.00000691 level with a bullish bias, adding -11.84% until now. The day before, SHIB/USD was closed at $0.00000809 after placing a high of $0.00000841 and a low of $0.00000736. After dropping for two consecutive sessions, SHIB/USD surged on Sunday and recovered some of its previous losses triggered by corrections and profit-taking. Is it a good time to buy cheap now? Let’s find out below…
The Shiba Inu coin has seen a surge in its price given the latest news that Coinbase, one of the world’s leading crypto exchanges, has listed this coin on the exchange. On Friday, the believers of SHIB/USD were surprised to hear that the meme-based coin had been listed on one of the most regulated crypto exchanges.
According to Coinbase, SHIB is now live on its platform and the Coinbase iOS and Android apps. The exchange mentioned in a tweet that Coinbase customers could now log in to buy, sell, convert, send, receive, or store SHIB.
Coinbase listed this coin on its exchange given the rising number of customer requests and wanted to expand its product offering. The rate of listing cryptos on Coinbase has been faster this year than the previous year, and the reason could be attributed to the growing popularity and interest in cryptocurrencies.
Elon Musk Boosts Shiba Infinite Hype
Coinbase is also adding new tools to help people understand and explore cryptocurrencies. The hype of Shiba Inu was boosted after the CEO of Tesla, Elon Musk, showed his fascination for meme-based currency dogecoin, which is the number one rival currency of SHIB/USD. Recently, Musk adopted a Shiba Inu dog and named him Floki, which added further upside to the value of SHIB/USD.
The SHIB/USD kept on rising on Sunday despite the strength of the US dollar as the optimism emerging from the listing at Coinbase overtook the concerns and lifted the cryptocurrency value. The US Dollar and SHIB/USD are negatively correlated; however, the dollar’s strength could not turn the rising prices of SHIB/USD on Sunday, and the crypto continued its bullish movement for the day.
SHIB/USD Price Prediction – Daily Technical Levels
Support Resistance
0.00000749 0.00000854
0.00000690 0.00000900
0.00000644 0.00000959
Pivot Point: 0.00000795
Shiba Inu Price Prediction – Upward Trendline Underpins – Buy Cheap Now?
Shiba Inu price prediction remains bearish below a strong resistance level of 0.00000709. On the 2 hour timeframe, the SHIB/USD is supported above 0.00000694 level, and an upward trendline is extending this support. The breakout of 0.00000694 level on bearish side extends the selling trend until the next support level of 0.00000063 level.
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 selling to $0.00000679 and $0.00000656.
On the technical front, the 50 period EMA (exponential moving average – red line) supports the selling trend at 0.00000077. The Stochastic RSI remains in the oversold zone, meaning the pair needs to retrace back before exhibiting a selling trend in SHIB/USD.
Hence, the Forex trading market participants should look for a sell trade below the $0.00000690 level. The initial target remains at $0.0000064 and $0.00000630. Conversely, the buying trend remains strong over the $0.00000694 level until the $0.0000076 level. All the best.
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