- The SHIB/USD pair is trading at the $6.8 level with a bearish bias, losing -3.22% until now.
- Shiba Inu price prediction remains bearish below a strong resistance level of 0.00000710.
- Forex trading market participants should look for a sell trade below the $0.00000715 level.
On Monday, the SHIB/USD pair is trading at the $6.8 level with a bearish bias, losing -3.22% until now. The SHIB/USD pair failed to stop its previous day’s bearish bias and drew some further offers around the $0.000008 level. The SHIBA INU price is trading near $0.00000692 with a 24-hour trading volume of $220,087,686. SHIBA INU dropped by 2.13% in the past twenty-four hours. Is it a good time to buy cheap now? Let’s find out below…
Bearish Bias in Crypto Industry Weights on Shiba Inu
The downfall of the SHIB coin could be tied to the bearish bias in the world’s leading cryptocurrency, Bitcoin. The Bitcoin price failed to hold the $47,000 support zone against the US Dollar. BTC must clear $49,500 and $49,750 to continue and increase in the near term.
On the other hand, the broad-based US dollar weakness may help the SHIB/USD coin pair limit its deeper losses. The selling bias surrounding the greenback was one of the key factors that kept the lid on any additional losses in the SHIB/USD pair.
SHIBA/USD is in a bearish mode despite a weaker dollar.
The broad-based US dollar hit a two-week low after Federal Reserve Chair Jerome Powell delivered a dovish stance. It suggested a slower-than-expected path to rate hikes.
Speaking at a symposium in Jackson Hole, Wyoming, last Friday, the US Federal Reserve Chairman, Jerome Powell, did not give forward guidance. Investors didn’t find any hint about when the Fed would start tapering down its support for the economy and repeated a stance that the current spike in inflation is temporary.
He suggested that the central bank could start tapering off the massive levels of support for the economy by the end of the year. It’s a bit later than many had expected, but did not suggest a rush to raise interest rates. However, the traders kept their eyes on the US jobs figures due on Friday for clues on a tapering timeline.
SHIB/USD Price Prediction – Daily Technical Levels
Support Resistance
0.00000695 0.00000734
0.00000679 0.00000756
0.00000656 0.00000772
Pivot Point: 0.00000715
Shiba Inu Price Prediction – Daily Technical Analysis: Selling Bias Dominates
Shiba Inu price prediction remains bearish below a strong resistance level of 0.00000710. On the 2 hour timeframe, the SHIBA/USD has formed a descending triangle pattern extending resistance at 0.00000720 and support at 0.00000640 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 sales to $0.00000679 and $0.00000656.
Typically, the descending triangle pattern exhibits a bearish bias among investors and tends to break on the lower side. The direction of a breakout can be decided based upon the fundamentals of the US economy or the latest updates on the Shiba coin.
The Stochastic RSI remains in the selling zone. However, a bearish breakout of the $0.00000686 level could trigger a sell until $0.00000656 and $0.00000640. Hence, the Forex trading market participants should look for a sell trade below the $0.00000715 level. The initial target remains at $0.00000679 and $0.00000656. All the best.
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