- Shiba Inu price prediction remains bullish as it’s heading north after completing 61.8% Fibonacci retracement.
- Bullish bias in the US dollar fails to leave any major bearish impact on SHIB/USD.
- Forex trading market participants should look for a buy trade above the $0.0000079 level.
The SHIB/USD pair extended its overnight bullish streak and drew further bids around the 0.00000794 level. The recent rally of the world’s leading cryptocurrency, Bitcoin, positively impacted Shiba Inu. This has spent many days trading in a tight range near $0.0000063. Shiba Inu price prediction remains bullish as it’s heading north after completing 61.8% Fibonacci retracement.
Positive Crypto Market Sentiment Keeps Shiba Inu Supported
The positive sentiment around the crypto market is one of the key factors that kept the SHIB prices higher. Cryptomarket has been flashing green signals since the week started and was remained supported by the several positive developments surrounding the crypto market. Thus, the Bitcoin prices traded as high as $46,546, just like Ethereum. The BTC/USD made a few attempts to cross over $46,000, and it succeeded. Hence, the demand for Shiba coins also picked up.
Shiba Inu on a Bullish Mode Despite Stronger Dollar
The bullish bias in the US dollar failed to leave any notable bearish impact on the SHIB/USD coin pair for now. However, the stronger US dollar may cap SHIB’s gains in the future.
The broad-based US dollar extended its overnight gaining steak and remained well bid on the day. The optimism over the passage of US President Joe Biden’s infrastructure spending pushed the US dollar higher. In addition to this, the previously released robust US data raised concerns over tapering and rate hikes. This puts an additional positive impact on the US dollar prices.
Shiba Inu Price Prediction – Daily Technical Analysis: Double Top Breakout
Trading volume increased, and Shiba Inu looks ready for more action. Shiba Inu succeeded in settling above the resistance level at $0.0000075 and is trying to move above the next resistance, which is located at $0.000008.
The RSI remains in the moderate territory, and there is plenty of opportunities to gain additional upside momentum. If Shiba Inu successfully breaks the $0.000008 resistance, it will head towards the next resistance level at $0.0000085.
A successful test and violation of this resistance level will open the doors to the resistance that’s located near the recent highs at $0.000009. Afterward, it may continue its upside move and get to the test of the resistance at $0.0000093.
Hence, the Forex trading market participants should look for a buy trade above the $0.0000079 level. The initial target remains at $0.0000084 and $0.0000088. All the best.
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