- Shiba Inu developers removed some of the coin supply from circulation.
- SHIB/USD price prediction remains neutral as it’s trading in between a symmetrical triangle pattern.
- Forex trading market participants should look for a buy trade above the $0.0000079 level.
The SHIB/USD was closed at $0.00000764 after placing a high of $0.00000821 and a low of $0.00000744. It turned red on Thursday despite there was some positive development in the network. The declining prices of SHIB/USD could be attributed to the strength of the US dollar, as both share a negative correlation. Shiba Inu price prediction remains neutral as it’s trading in between a symmetrical triangle pattern.
The developers of a meme-based cryptocurrency Shiba Inu removed some of the supply of coins from circulation. It’s done in an attempt to restore some of the excitement that pushed prices higher earlier this year.
In May, the cryptocurrency Shiba Inu became a popular coin for the whole crypto market. Especially, after a popular cryptocurrency exchange Binance listed it. In response, the SHIBA/USD moved to its all-time high at $0.0000331. however, the coin has been declining till then. Except for this month, as SHIB/USD pair has exhibited some improvement, its price has soared to 0.0000079 from 0.0000067.
Shiba Inu developers removed some of the coin supply from circulation
Over the weekend, the developers of SHIB/USD announced a coin burn that sent a portion of coin holders to a wallet that no one can access. Therefore, this move destroyed the coins effectively and reduced the total supply of a cryptocurrency, which increased the coin’s value. This move can also be used to control inflation and boost enthusiasm among investors.
The reduction of the coin’s supply in circulation added strength in SHIB/USD this month. Eventually, it has been keeping Shiba Inu prices higher. However, the SHIBA also tends to follow the trend of the market set by the top cryptocurrencies.
The rising prices of the US dollar also added some pressure on SHIB/USD and turned it red for the day as both have a negative correlation. Thus, the US dollar was high on board at 93 levels amid the recent better-than-expected macroeconomic data release that added extra pressure on SHIB/USD.
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: Symmetrical Triangle in Play
The SHIB/USD price prediction remains neutral as it’s trading in between a symmetrical triangle pattern. The pattern provides an immediate resistance at $0.0000082 levels along with a support level of $0.0000074.
On the bullish side, the breakout of 0.0000082 resistance level can drive additional buying until $0.0000089 levels. In contrast, the bearish breakout of $0.0000074 levels can extend selling until $0.0000071.
Typically, the symmetrical triangle pattern 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 about the Shiba coin.
The Stochastic RSI remains in the selling zone; however, a bullish crossover above 50 can lead the pair towards $0.0000082 and $0.00000086 levels. 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.
Looking to buy or trade crypto now? Invest at eToro!
Capital at risk
Share
