Shiba Inu Price Prediction: 61.8 Retracement Complete – What’s Next?

• Shiba Inu price is trading at $0.000007 with a 24-hour trading volume of $638,343,510.
• Multi-asset investment platform eToro, which plans to go public later this year, has listed Shiba Inu (SHIB).
• Forex trading market participants should look for a buy-stop above the $0.0000080 level.

SHIB/USD pair failed to stop its previous day’s bearish bias and drew further offers below the 0.00000710 level. Shiba Inu price prediction remains bullish above 0.0000070 levels on Monday as 50 EMA, and 61.8% Fibo level extends support here.

Shiba Inu Price Review Today

The Shiba Inu price is trading at $0.000007 with a 24-hour trading volume of $638,343,510. It has dropped by 11.52% in the past twenty-four hours. The SHIB/USD has exhibited a massive surge after consolidating for approximately two weeks. However, this rally was short-lived as it seems no room to move higher. 

Stronger US Job Data Pressures on SHIB/USD 

Investors can expect a short-term consolidation or a minor pullback before SHIB tags another high. However, the bearish correction in the SHIB/USD could be attributed to the bullish trend in the US dollar. The US Dollar rose sharply after the strong US labor report, which showed nonfarm payrolls (NFP) rose to 943K, beating the market expectations of an 870K increase. 

The bullish bias in the US currency was further bolstered by the chatters surrounding the Fed’s tapering and infrastructure spending talks in the Senate. Therefore, the gains in the US dollar were seen as one of the key factors that kept the SHIB prices under pressure.

The upbeat US jobs data raised hopes that the US Federal Reserve would increase interest rates and start asset tapering earlier than expected. That’s seen as one of the major factors that kept the US dollar up. 

Meanwhile, the previously released upbeat US data raised hopes over the US economic recovery, which played a significant role in underpinning the US dollar. However, the upticks in the US dollar kept the Shina Inu prices under pressure.

eToro (Multi-asset Investment Platform) Lists Shiba Inu (SHIB)    

The multi-asset investment platform, eToro, which plans to go public later this year, has listed Shiba Inu (SHIB). Therefore, the optimism surrounding the Shiba Inu (SHIB) listing helps the SHIB prices to limit its deeper losses. 

The reports also capped the losses suggesting that Meme.com, a marketplace for meme-based NFTs and tokens, has launched on Polygon. This came after their successful ICO, and they will collaborate with Polygon Studios to leverage the team’s extensive NFT expertise. Therefore, they can help grow the meme token marketplace.

Shiba Inu Price Prediction – Daily Technical Analysis: 61.8% Fibonacci Retracement 

Shiba Inu price prediction remains bullish above the $0.00000718 level. The SHIBA/USD’s immediate resistance stays at the $0.00000785 level, and a bullish breakout of this level can extend buying trend until the $0.0000084 and $0.0000088 levels. 

On the 4-hour chart, the SHIBA/USD pair has closed a bullish engulfing candle above the support level of $0.00000718. The closing of bullish engulfing demonstrates a buying trend in Shiba Inu. The 50 days EMA (exponential moving average – red line) supports buying trend in SHIB/USD. Therefore, the bullish bias is likely to dominate above the $0.00000718 level. 

On the bearish side, the immediate support stays at the $0.00000718 level, which is extended by a 61.8% Fibonacci level. A bearish breakout of this can lead the pair towards the $0.00000674 level. 

Stochastic RSI is still holding in a selling zone, but it’s coming out of the oversold zone. In that case, the odds of a bullish reversal remain high. Hence, the Forex trading market participants should look for a buy-stop above the $0.0000080 level. The initial target remains at $0.0000084 and $0.0000088. All the best. 

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