Shiba Inu Price Prediction – Can $0.000044 Trigger a Bounce-off?

Shiba Inu Price Prediction – Can $0.000044 Trigger a Bounce-off?

The SHIB/USD closed at $0.00004730, after achieving a high of $0.00005415, and a low of $0.00004344. Shiba Inu continued its upward momentum for th

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The SHIB/USD closed at $0.00004730, after achieving a high of $0.00005415, and a low of $0.00004344. Shiba Inu continued its upward momentum for the third consecutive session on Tuesday, reaching its highest since November 15, amid the positive market sentiment surrounding the Shiba Inu environment.

Despite the prevailing negative market mood, SHIB/USD moved higher on Tuesday, extending its gains after the news about SHIB being listed on Kraken hit the market. On Monday, the US-based cryptocurrency exchange, Kraken, announced that it would enable SHIB trading on its platform as from November 30. This news prompted investors to buy SHIB/USD, which pushed its prices up by 30% in just two days.

Furthermore, the SHIB/USD also received bullish cues from the broader recovery across the top cryptocurrencies, including BTC and ETH. Bitcoin has risen by more than $3000 since its low on November 26, which was the day that the Omicron variant caused disruptions across both the traditional and crypto markets.Meanwhile, the meme-inspired cryptocurrency, SHIB, was also high on the board after the cryptocurrency whales started accumulating billions of Shiba Inu tokens, amid its growing adoption, after the listing on Kraken. Furthermore, SHIB’s planned entry into the gaming world and NASDAQ-listed retailer Newegg accepting this currency as payment added to the strength of the coin.

Lastly, the gains in SHIB/USD on Tuesday could also be attributed to the weakness of the US dollar, which was prompted by the negative macroeconomic figures released on the day. For example, the US Dollar Index, which measures the greenback’s value against a basket of six major currencies, fell to 95.44 on Tuesday, pushing the upward momentum in SHIB/USD higher, as the two are negatively correlated.

Shiba Inu price prediction – Can $0.000044 trigger a bounce-off?

The SHIBA/USD is trading with a bearish bias at 0.000044. The closing of candles above this level supports the chances of an uptrend in Shiba Inu.

On the higher side, Shiba is likely to find strong resistance at 0.000048, and violation of this level could extend the uptrend until the next resistance level of 0.000054.

Daily Technical Levels

Support              Resistance
0.00004245      0.00005316
0.00003759      0.00005901
0.00003174       0.00006387
Pivot Point:        0.00004830Further to the upside, violation of the 0.000054 mark would expose the coin to the the 0.000058 level. At the same time, the support remains at the 0.00003865 level.