The SHIB/USD closed at $0.00006887, after placing a high of $0.00007289, and a low of $0.00006652. The coin broke its 2-day bullish streak and reversed its course on Tuesday, dropping and posting losses for the day. SHIB/USD remained under pressure on Tuesday, despite some positive developments surrounding its ecosystem, mainly because of profit-taking or correction, or due to the strength of the US dollar.

A San Francisco-based cryptocurrency exchange, Kraken, has reportedly announced that it will be listing Shiba Inu (SHIB) on November 2. It is worth mentioning that one of the largest US exchanges, Coinbase, also listed SHIB in September. This became a hot topic in the crypto space, and the entire community viewed this as the main reason for SHIB’s massive rally in September. Furthermore, on November 1, Binance also announced that it will offer SHIB/DOGE as a trading pair on its platform.

In addition, the popularity of Shiba Inu has been booming rapidly, as it has made it to 5th position in terms of the most-called contracts on the Ethereum network, and it is the 7th largest burner of gas. It appears that investors have become more interested in memes than ever before.

According to the latest data compiled on Dune Analytics, Shiba Inu has even surpassed the likes of Uniswap v3 Swap Router, USDC and WETH tokens. According to the data, there were over 450K unique callers for SHIB.

As already mentioned, Shiba Inu has also emerged as the 7th-largest burner of gas on the Ethereum network. The increased network activity helped it to reach this milestone, pushing up its gas consumption at the same time.

Meanwhile, the Binance listing of SHIB/DOGE, along with the upcoming Kraken listing, pushed SHIB and drew much attention to it recently. This has made SHIB surpass DOGE in terms of both trade volume and market capitalization. The SHIB coin has surged about 900% within a month, clearly demonstrating the hype surrounding the meme-based coin. However, the coin remained under pressure on Tuesday, mainly due to the stronger US dollar.

The US dollar index reached 94.13 on Tuesday, weighing on SHIB/USD, as the two are negatively correlated. The dollar was gathering strength ahead of the US Federal Reserve monetary policy meeting.

Shiba Inu Price Analysis – Daily Technical Levels

From the technical side, the Shiba coin is gaining solid support at the 0.000060 level, which is stretched by a 50 percent Fibonacci retracement level. To the upside, it is projected that the coin will encounter significant resistance at 0.00007556. Shiba Inu has tested the 50-day exponential moving average at 0.000060 on the two-hourly time frame, and the closing of candles above this level supports the possibility of a bullish correction.

Daily Technical Levels

Support            Resistance
0.00006597    0.00007234
0.00006306   0.00007580
0.00005960    0.00007871
Pivot Point:     0.00006943

A break over the 0.000075 level is likely to define future market moves. Because the MACD and the 20-day EMA indicate an upward trend, investors are likely to hold onto Shiba Inu. We could see a further bullish trend if a bullish breakout occurs at the 0.00007550 level. Best of luck!