Shiba Inu Price Prediction: Brace to trade a breakout setup in SHIB/USD

• Shiba Inu price prediction remains neutral in between a narrow range of 0.000083 – 0.000077 levels.  
• Shiba Inu price is trading near $0.00000819 with a 24-hour trading volume of $626,611,687. 
• Forex trading market participants should look for a buy trade above the $0.0000077 level.

The SHIB/USD is trading with a neutral bias, maintaining a narrow trading range of 0.0000083 – 0.0000077 level. The day before, the SHIB/USD pair failed to extend its previous day’s bullish bias and drew some offers around the 0.000008 level. Shiba Inu price prediction remains neutral in between a narrow range of 0.000083 – 0.000077 levels.  

Shiba Inu Price Review 

The Shiba Inu price is trading near $0.00000819 with a 24-hour trading volume of $626,611,687. Shiba Inu dropped by 9.36% in the past twenty-four hours. However, the downfall in the SHIB coin could be attributed to the bearish bias in the world’s leading cryptocurrency, Bitcoin. On the other hand, the broad-based US dollar weakness may help the SHIB/USD coin pair limit its deeper losses. 

Weakness in the US Dollar Supports Shiba Inu at 0.0000778

On the USD front, the broad-based US dollar failed to extend its early-day positive performance and turned sour during the second half of the Asian session. 

However, the reason could be tied to the previously released disappointing US Retail Sales data, which raised doubts over the US economic recovery and contributed to the greenback’s losses. 

Meanwhile, the cautious sentiment ahead of the Federal Open Market Committee (FOMC) Minutes also significantly undermined the dollar. Therefore, the gains in the US dollar were seen as one of the key factors that kept SHIB prices under pressure.

SHIB/USD Price Prediction – Daily Technical Levels

Support Resistance

0.00000731 0.00000808

0.00000699 0.00000853

0.00000654 0.00000885

Pivot Point: 0.00000776

Shiba Inu Price Prediction – Daily Technical Analysis: Choppy Range  

Shiba Inu price prediction remains neutral in between a narrow range of $0.000083 – $0.000077 levels. The sideways pattern provides immediate resistance at $0.000077 levels along with a support level of 0.000083.

On the bullish side, the $0.000083 resistance level breakout could drive additional buying until the $0.000085 and $0.000089 levels. In contrast, the bearish breakout of $0.0000077 levels can extend selling until $0.0000074 and $0.0000071.

Typically, the sideways trading range exhibits indecision among investors and tends to break on either 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 $0.0000077 level could trigger a sell until $0.0000074 and $0.00000718. While on the bullish side, a crossover above 50 can lead the pair towards $0.0000083 and $0.00000085 levels. Hence, the Forex trading market participants should look for a buy trade above the $0.0000077 level. The initial target remains at $0.0000084 and $0.0000088. All the best. 

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