- 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 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
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.