Search ForexCrunch
  • Shiba Inu price soars over 0.0000061 as  Cryptal exchange gifts 1 million SHIB to customers.  
  • A weaker dollar supports SHIB/USD at $0.0000060; can we expect more?  
  • SHIB/USD traders  may look for buying above 0.0000060 levels to target 0.0000066 and 0.0000069.

The SHIB/USD closed at $0.00000631 after placing a high of $0.00000690 and a low of $0.00000624. The SHIB/USD rose to its highest level since 21st July on Monday after remaining flat throughout the week. Shiba Inu price forecast remains neutral despite the prevailing bullish sentiment surrounding the whole crypto market.

Cryptal Exchange Gifts 1 Million SHIB to Customers  

In Tbilisi, Georgia, a global crypto exchange named Cryptal celebrated its latest coin listing. They are distributing 1 million SHIB to every customer who brought in a new verified customer. The exchange gifted about 10 billion SHIB in less than three days.

The latest listing done by Cryptal was of Shiba Inu, which is the Ethereum token cousin to Dogecoin. Shiba Inu was originally a dog who inspired millions of people worldwide to invest money into tokens with the dog image on them. This news that Cryptal gifted about 10 billion SHIB/USD to its customers added strength to the meme-coin and pushed SHIB/USD higher.

Weaker Dollar Supports SHIB/USD at $0.0000060

The plunging prices of the U.S. dollar also added further strength to the SHIB/USD. The greenback was bearish across the board as the investors were cautious about placing sizeable bets before the U.S. Fed monthly policy statement, which is due on Wednesday.  

The declining risk-off market sentiment also dragged the U.S. dollar prices and pushed SHIB/USD higher as both negatively correlated.

The prevailing bullish market sentiment driven by the leading cryptocurrency BTC/USD added further gains in SHIB/USD. It’s turning whole crypto market sentiment into bullish.  

The rumors that Amazon was considering adding bitcoin payments in its mechanism added strength to the entire crypto market. The SHIB/USD also followed the trend and placed gains for the day before testing the support level of $0.0000060

Shiba Inu Price Forecast – Daily Technical Levels

Shib Inu Price Forecast
SHIB/USD 4-Hour Chart

Support Resistance

0.00000606 0.00000672

0.00000582 0.00000714

0.00000540 0.00000738

Pivot Point: 0.00000648

Shiba Inu Price Forecast – Technical Analysis: SHIB Retests $0.0000060

Shiba Inu price forecast is slightly bullish above 0.0000060 level as SHIB/USD has failed to break below this level.  

The closing of a 4-hour candle with a long shadow is suggesting weakness in the selling bias. Next to it, the SHIB/USD has closed a bullish candle that’s likely to end up “Inside Bar Up” pattern on the 4-hour chart.  

The 50 moving average (M.A.) is also supporting a bullish bias in SHIB at 0.0000062 level. At the same time, the oscillator indicator Stochastic RSI has entered the oversold zone, suggesting odds of a bullish reversal.  

SHIB/USD can exhibit buying trend over 0.0000060 levels to target 0.0000066 and 0.0000069 levels. Selling can be expected if it manages to cross below 0.0000060 levels.  

The SHIB/USD price forecast is slightly bullish today. Thus, the  forex trading  participants may look for buying above 0.0000060 levels to target 0.0000066 and 0.0000069. All the best.  

Looking to buy or trade crypto now? Invest at eToro!

Capital at risk