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SHIB/USD Rejected at $0.00000757 Level – Is it a Good time to Short?

Arslan Butt•Thursday, July 15, 2021•2 min read

The SHIB/USD closed at $0.00000757, after placing a high of $0.00000799, and a low of $0.00000732. The cryptocurrency followed the market trend, remaining on the back foot during the Asian trading session.

Shiba INU was created anonymously in August 2020, and soon after its launch, the crypto coin gained the attention of the market, as its prices surged amid headlines from personalities like Tesla CEO Elon Musk and the co-founder of Ethereum, Vitalik Buterin. However, now the project is looking to get out of the meme-coin rhetoric, as it has launched its DeFi platform, ShibaSwap. This platform is fully equipped with its own swap interface, budding decentralized autonomous organization structure and yield farming; the platform was launched on the Ethereum network.

 

SHIB/USD

The developers behind the dog-themed cryptocurrency launched this much-awaited ShibaSwap DEX on July 6. Recently, the Shiba Inu announced three new pairs on its decentralized exchange, named ETH-USDT, LEASH-BONE, and SHIB-BONE. Despite the addition of new pairs, the coin did not see a bullish movement in its prices. However, the addition should help attract more capital to the exchange, that will add further value to the coin, despite it being a meme-coin.
Meanwhile, Shiba Inu’s official Twitter account tweeted a full audit report for the recently launched ShibaSwap exchange. The recent massive inflows and interest in SHIB/USD could be attributed to two factors, namely the coin being a meme-crypto and the audit report that was launched recently.

The conditions surrounding the cryptocurrency market have not been supportive, as the BTC/USD has been declining, and the US dollar has also been strong in the market. The greenback has a negative correlation with SHIB/USD, and it has been high against major currencies, with DXY at 92.42; as a result, the SHIB/USD dropped on Thursday.

SHIB/USD – Technical Outlook

SHIB/USD – Daily Technical Levels

Support               Resistance
0.00000727       0.00000794
0.00000696      0.00000830
0.00000660      0.00000861
Pivot Point:       0.00000763

On the technical front, the SHIB/USD coin is trading in line with our long-term SHIB/USD forecast for 2021. Technically, the SHIB/USD coin is exhibiting a robust bearish bias at 0.0000069, and it is heading south towards the next support area of 0.0000067.

On the 4-hour timeframe, the coin has a closed tweezers top pattern along with the bearish engulfing candles. Both of these candles support a strong selling trend in the SHIB/USD coin.

Besides this, the downward channel on the 4-hour timeframe also supports a selling bias in SHIB/USD coins. Let’s consider taking a sell trade below 0.00000763, to target 0.00000677 and 0.00000650. Good luck!

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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