Shiba Inu Price Forecast: SHIB Violates Upward Channel at $0.0000065 

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  • Shiba Inu price soars over 0.0000063 despite a stronger dollar 
  • A surge in Bitcoin pushes SHIB/USD above $0.0000064
  • SHIB/USD looks for buying above $0.0000063 levels to target $0.0000068 and $0.0000070. 

The SHIB/USD coin managed to maintain its overnight upward rally and drew some further bids around above the $0.000006 level. Shiba Inu Price forecast is bullish as Elon Musk said SpaceX holds bitcoin & Tesla might start accepting BTC again. 

This, in turn, pushed BTC prices from the $29,250 support zone to $30,000 and $31,000 resistance levels against the U.S. Dollar. The upticks in the BTC tend to leave a positive impact on the other cryptocurrencies, including SHIBA INU. At this time, Shiba Inu’s price is trading near $0.00000644 with a twenty-four-hour trading volume of $417,968,985. Shiba Inu rose by 2.75% in the last twenty-four hours. 

Shiba Inu Price Soars Over 0.0000063 Despite Stronger Dollar 

Conversely, the uptick in the Shiba Inu was relatively unaffected by the stronger U.S. dollar. The dollar is hovering around the highest in 3-months but failed to push the SHIB/USD lower. 

Shiba Inu had faced excellent gains early this year as it grew 1000s of percent. But the gains were not long-lived as it fell victim to market trends and has since declined approximately -70% from highs. As of now, Bitcoin must find its footing above 35,000 for SHIB to be clear to start a new uptrend back to old highs as Shiba Inu (SHIB) usually follows DOGE and Bitcoin, which has shown some sharp gains. 

Surge In Bitcoin Pushes SHIB/USD Above $0.0000064

The world’s biggest cryptocurrency, BTC/USD, started a sharp upward rally from the $29,250 support zone to $30,000 and $31,000. The BTC could reach above $32,000 to $32,500 in the near term. 

This came after the CEO of Tesla and SpaceX, Elon Musk, announced that the companies hold bitcoins. Meanwhile, Musk said that Tesla would likely start accepting Bitcoin again. 

Musk admitted that he is a big fan of Bitcoin despite his recent uncertainty towards proof of work concepts. He also admitted that he only holds the Tesla stocks and three other valuable assets; Bitcoin, Dogecoin, and Ethereum. This, in turn, pushed the BTC prices up and contributed to the Shiba Inu (SHIB) gains. 

On the negative side, the Shiba Inu (SHIB) upticks were relatively unaffected by the stronger U.S. dollar. At the USD front, the broad-based U.S. dollar managed to extend its early morning positive performance remained well bid on the day as investor fears of a slowdown in the global economic recovery from COVID-19 boosted safe-haven assets demand, including the U.S. dollar. The U.S. Dollar Index that tracks the dollar against a basket of other currencies rose by 0.03% to 92.787 by 11:41 PM ET (3:41 AM GMT).

Shib Inu Price Forecast

SHIB/USD 2 Hour Chart

Shiba Inu Price Forecast – Technical Analysis: SHIB Breaks Above $0.00000638

Shiba Inu price forecast is slightly bullish on Thursday as SHIB/USD bounced off over 0.0000063 support level. Closing of bullish engulfing on the 2-hour timeframe is supporting buying trend in SHIB/USD. However, the pair may face resistance at the 0.0000070 levels. 

On the 2 hour timeframe, the SHIB/USD pair is gaining strong support at 0.0000063 levels. A bearish breakout of this level can lead SHIB/USD price lower towards 0.00000612 level.

The 50 moving average (M.A.) is also supporting a bullish bias in SHIB at 0.0000062 levels. At the same time, the oscillator indicator Stochastic RSI hold’s in a selling zone. This conflict between both indicators is keeping investors in confusion. 

SHIB/USD can exhibit buying trend over 0.0000063 levels to target 0.0000068 and 0.0000070 levels. Selling can be expected if it manages to cross below 0.0000063 levels. 

The SHIB/USD price forecast is slightly bullish today. Thus, the forex trading participants may look for buying above 0.0000063 levels to target 0.0000068 and 0.0000070. All the best. 

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