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 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.

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.

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.