Emerging memecoin Shiba Inu (SHIB) is on a downtrend early on Thursday, as the bearish mood in the crypto sector extends beyond market leaders BTC and ETH, weighing on almost all digital currencies across the board. At the time of writing, SHIB/USDT is trading around $0.0000080, down by almost 8% in the past 24 hours.
Earlier this week, the potential DOGE killer enjoyed quite the boost, soaring by over 6% on launch of the eagerly awaited decentralized exchange (DEX), ShibaSwap. In addition, news of integration of SHIB on Shopping.io’s platform, letting consumers make purchases from leading retailers such as Amazon, eBay and Walmart also supported the strong uptrend seen in Shiba Inu recently.
ShibaSwap will allow users to trade a variety of dog-based memecoins, a move that can potentially increase interest in the SHIB token in the near future. The DEX appears to be powered by SHIB as well a new token called LEASH.
According to developers, a new token named BONE will also be made available for trading soon. Shiba Inu’s prospects could be raised even higher as the developers plan to empower the digital currency with support for NFTs via ShibaSwap as well in the coming months.
Key Levels to Watch
On the 4-hour chart of SHIB/USDT, most of the moving averages, except the 100 SMA and the 200 SMA, as well as the MACD are exhibiting a bearish bias. However, the momentum indicator is signaling some buying interest.
Although, Shiba Inu’s price has some catching up to do to reach the pivot point at $0.0000086 before the outlook turns bullish. In the meantime, pay attention to the immediate support at $0.0000076 in case selling pressure builds up further. If this is broken, we can see sellers take the price even lower, towards the next support at 0.0000066.
Shiba Inu (SHIB) is making small gains into Tuesday and looks set to cross a key level and make its way higher towards $0.000010, as we have been forecasting since the beginning of the current week. At the time of writing, SHIB/USDT is trading around $$0.0000087.
After testing and rising back up from a key support level over the past few sessions, it looks like buyer confidence in the memecoin is building up as its price gets ready to breakout to the higher side. However, such a move can only sustain so long as the market sentiment towards cryptocurrencies in general remains positive as it has done in the recent sessions.
The uptrend in Shiba Inu has been supported by a sense of optimism among crypto investors today as the leading digital currency, Bitcoin, takes another shot at the key $35,000 level. Although its price has slipped below $34,000, there is some hope that the bear run in the space could be coming to an end.
The Shiba Inu coin could also be boosted by Shopping.io’s recent announcement that it will now accept payments in SHIB for users to shop online on leading retailers, Amazon, eBay and Walmart. The announcement also drove SHIB to become the most trending cryptocurrency on Twitter through the previous session.
Key Levels to Watch
We can see on the H4 chart of SHIB/USDT that most of the moving averages are suggesting a bullish bias. However, the momentum indicator is signaling some bearish pressure as well.
Shiba Inu’s price is holding right above the pivot point which sits at $0.86. Buyers will now face resistance at $0.97 as they attempt to take the Doge killer higher in the near-term. The next resistance they are likely to encounter sits right on the key level at $0.000010.
The rising popularity of the memecoin among the online community has led several analysts and observers to take closer notice of the Shiba Inu coin lately, just a few months after dismissing it as a joke. The digital asset has been gaining further attention lately not only on the back of increased interest in Dogecoin (DOGE) but also recent interest from Tesla CEO Elon Musk, which has convinced fans that it could soon become the next hot cryptocurrency for Musk.
Recently, a crypto analyst and influencer who goes under the pseudonym Coin Bureau shared his reasons for turning bullish about SHIB’s prospects via a video on his YouTube channel which has over 1.1 million subscribers. He talked about how Shiba Inu has more applications beyond being a method to transfer payments digitally, unlike Dogecoin.