|

Can Shiba Inu rally price higher after BONE listing on Dubai-based exchange?

  • Shiba Inu price nears psychological support that could trigger a falling knife when broken.
  • SHIB receives positive news from CetoEX, a top exchange in Dubai, on the possible listing for BONE.
  • A tailwind could come quickly and lift SHIB back above $0.00001100.

Shiba Inu (SHIB) price is in bad paper as some dark clouds are hanging over the price action. This Monday morning, however, some positive news out of Dubai could bring about a tailwind that opens up the sky for SHIB bulls. CetoEX, a fast-growing exchange in Dubai, is set to list BONE on its platform, which might conjure additional interest for SHIB’s price action.

Shiba Inu sees positive development coming in at this crucial time

Shiba Inu price broke below the always crucial 200-day Simple Moving Average (SMA) last week and is, from a technical point of view, set to sink lower. That was the idea until this Monday morning when an official statement out of Dubai could bring the much-needed tailwind for SHIB to lift price action back up. CetoEX, one of the fastest-growing exchanges in Dubai, has expressed its intent to list BONE ShibaSwap (BONE), which is the governance token of ShibaSwap. 

CetoEX official tweet

CetoEX Official Tweet Announcement  

SHIB might see revamped interest on the back of this communication with additional interest from investors. Expect to see a gradual pickup of interest that could see SHIB print 10%. Around $0.00001100 would be ideal, as bulls would then have reclaimed the monthly pivot and could be seen trading higher in the coming weeks toward $0.00001200.

SHIB/USD  4H-chart    

SHIB/USD  4H-chart    

The threat to the downside is with the Death Cross that is nearly being formed on the chart. The 55-day Simple Moving Average is already heading lower as the 200-day SMA is flatlining. Another few negative candles could be enough to drag the 55-day SMA below the 200-day SMA and even tilt that 200-day SMA to the downside. If a Death Cross gets activated, it will trigger massive sell-offs across the board, with SHIB tanking toward $0.00000966.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin (BTC) treasury and financial intelligence firm Strategy expanded its holdings following another round of weekly accumulation.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.