SHIB/USD on a Bearish Mode – Downward Channel Weights!

The SHIB/USD coin pair succeeded in extending its previous winning streak and drew further bids above the $0.000008 level, as the crypto coin, Shiba Inu (SHIB), now has a decentralized exchange (dex) platform, by the name of Shibaswap. The dex captures $1.5 billion locked in 2 days. The SHIB-fueled dex has a lot more liquidity than most platforms today, as Shibaswap has been catching up with popular dex platforms, like Pancakeswap and Sushiswap.

At the moment, the price of SHIBA INU is trading at $0.000008, with a 24-hour trading volume of USD 323,769,547. SHIBA INU has risen by 0.57% in the last twenty-four hours. Conversely, the strength of the broad-based US dollar failed to leave any meaningful impact on the Shib coin. The Shiba Inu has a leg up over Dogecoin and Baby Doge this week, after the meme-based crypto asset has started a dex platform named Shibaswap. The dex Shibaswap is similar to dex applications like Uniswap, Pancakeswap and Sushiswap. The dex leverages the Binance Smart Chain. During the first twenty-four hours, Shibaswap gained more than $1 billion TVL; afterwards, the TVL climbed to $1.55 billion on Thursday, according to the SHIB stats on Thursday.

As a result, SHIB has grown by 18.8%, and 30-day data shows that it is up 6.2%. Shiba Inu (SHIB) is currently trading at $0.00000813 per token, which means that a dollar’s worth of SHIB amounts to approximately 123,065 tokens, based on today’s exchange rates. On the other hand, the broad-based US dollar managed to extend its early morning bullish bias, and it is still flashing green, as concerns over renewed COVID-19 outbreaks persist. Some countries, including Australia and South Korea are reintroducing restrictive measures, and this tends to underpin the safe-haven assets like the US dollar. At the same time, US inflation data and testimony by Federal Reserve Chair Jerome Powell are due this week. Thus, the strength of the broad-based greenback has failed to leave any meaningful impact on the Shib coin.

The SHIB/USD coin is trading at the 0.0000079 level, gaining immediate support at 0.0000075. As we can see on the 3-hour timeframe, the SHIB/USD coin has formed a downward channel, which is extending resistance at the 0.0000079 level. A bullish breakout could extend the buying trend until the 0.00000815 level. The odds of a selling bias remain strong below the 0.0000079 resistance level, until 0.00000780.

The 50 periods EMA also suggests a selling trend, as it may extend resistance at the 0.00000815 level. The idea is to take a sell trade below 0.0000079 today, with a target of 0.0000075. Good luck!