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Coinbase Pro list Shiba Inu ! Is the Dead Cat Bounce Underway For SHIB Price?

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Coinbase To list Shiba Inu

The price of Shiba Inu cryptocurrency got a boost Tuesday after Coinbase announced that the meme crypto will start trading on Coinbase Pro as early as this week.

The main catalyst that could pump prices now is the petition to list Shib Inu on Coinbase Pro. Lately, the petition has gained immense traction. It is now the top signed petitions on change.org with 35000 signs.

As Per the Platform

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Once Sufficient Supply Of The Shiba Inu Cryptocurrency Is Established On The Coinbase Pro Platform, Trading Of SHIB-USD And SHIB-USDT Order Books Will Launch In Three Phases, Post-Only, Limit-Only And Full Trading, The Company Detaile

Shib’s predecessor DOGE price gained great support after the listing. Will SHIB Price follow Doge’s growth trajectory is to be looked out for.

Shiba Inu price got some boost earlier this week when it was announced that its developers are aiming to build a new decentralized exchange (DEX) aiming to increase liquidity and trading volumes. Officially, the DEX is still being tested, but there is a buzz on social media that it is fully working and will be launched soon.

SHIB Price Analysis

The price of the Shiba Inu cryptocurrency jumped over 30% around the time of the Coinbase announcement. Currently, Shiba Inu is trying to settle above the major resistance level at $0.000008 which has previously served as support. A move above this level will show that Shiba Inu managed to recover from the recent sell-off and is ready to develop additional upside momentum.

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In this case, Shiba Inu will move towards the next resistance level at $0.000009.  A successful test of this resistance level will open the way to the test of the resistance which is located at $0.000010. In case Shiba Inu manages to settle above the resistance at $0.000010, it will head towards the next resistance level at $0.000012.

On the support side, The token must maintain above the $0.000007 level to have a chance to develop downside momentum in the near term. The next support level is located at $0.0000063. If Shiba Inu declines below this level, it will head towards the next support at the recent lows at $0.0000055.

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Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

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  • Shiba Inu extends the losing streak for the third straight day on Sunday.
  • SHIB price looks south towards the pivotal 38.2% Fib support.
  • Upside remains elusive with 61.8% Fib offering strong resistance.

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday.

In doing so, SHIB price maintains this week’s range trade, consolidating the corrective pullback from three-month tops of $0.00000950.

The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow.

The People’s Bank of China (PBOC) said on Friday, the Chinese central bank, said it was illegal to facilitate cryptocurrency trading.

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SHIB price is trading in a tight range just above $0.0000070, shedding over 2% so far, looking vulnerable starting out a fresh week.

SHIB bears remain hopeful whilst below Fib 61.8% level

The meme-based coin managed to find strong bids at $0.00000676, the 38.2% Fibonacci Retracement (Fib) level of the recovery from the September 7 lows of $0.00000510 to the three-month tops of $0.00000950.      

However, the recovery rally from five-day lows ran into strong offers at the critical 61.8% Fib level at $0.00000781, knocking off DOGE price back below all the major Daily Moving Averages (DMA).

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However, for the upswing to extend, SHIB price needs to find a strong foothold above the critical 61.8% Fib level at $0.00000781 on a daily candlestick closing basis.

The 14-day Relative Strength Index (RSI) has pierced through the midline for the downside, changing course and signaling that there is room for additional weakness.

Therefore, SIHIB bears once again look to retest the abovementioned 38.2% Fib level on selling resurgence.

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A daily closing below the latter will expose the 23.6% Fibo level of the same advance at $0.00000612. That level will be the line in the sand for the SHIB buyers, a breach of which will call for a resumption of the double top bearish reversal from near $0.00000950 levels.

SHIB/USDT: Daily chart

Alternatively, immediate resistance is envisioned at the 50% Fib level at $0.00000729, where the 21-DMA hangs around in close proximity.

Further up, the 61.8% Fib level at $0.00000781 will be a tough nut to crack if the upside momentum gathers steam.

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SHIB bulls will then charge up to test $0.00000855, which is the 78.6% Fib level. Only a firm break above the latter could revive the uptrend towards a powerful barrier at $0.00000950.

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Shiba Inu price consolidates as SHIB bulls prepare for 22% advance

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  • Shiba Inu price rose 54% between September 13 and September 17 but failed to sustain itself.
  • As a result, SHIB retraced 17% and is consolidating in hopes of retesting the $0.00000963 level.
  • A breakdown of the $0.00000620 support floor will invalidate the bullish thesis.

Shiba Inu price rallied exponentially on September 16, slicing through plenty of resistance levels. However, the bullish momentum grew exhausted as it retested the August 16 swing high. Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.

Shiba Inu price prepares for another leg-up

Shiba Inu price climbed 54% starting September 13. However, the bulls disappeared as the uptrend extended beyond the August 16 swing high at $0.00000950. Since this point, SHIB retraced 22% as it sliced through the $0.00000768 support floor.

A resurgence of buying pressure seems to have matched the holders booking profits, leading to consolidation between the $0.00000768 and $0.00000835 barriers.

This development is typically followed by a burst in volatility, leading to a breakout of the price in either direction. Considering the big crypto’s bearish move over the weekend, the meme coin will likely rally, causing altcoins to do the same. Therefore, investors can expect Shiba Inu price to break out and trigger a 22% rally to retest the 62% Fibonacci retracement level at $0.00000963. In some cases, the uptrend might extend to the 70.5% Fibonacci retracement level at $0.0000101.

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SHIB/USDT 1-day chart

SHIB/USDT 1-day chart

On the other hand, if Shiba Inu price fails to hold above the $0.00000768 support floor, it will indicate that the sellers have taken control. In such a situation, investors can expect SHIB to slide 16% to retest the $0.00000654 and $0.00000625 demand barriers.

A decisive daily close below the $0.00000625 foothold without a quick recovery above $0.00000654 will invalidate the bullish thesis.

Such a move might trigger Shiba Inu price to slide 12% to retest the range low at $0.00000549.

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Shiba Inu price is on the brink of a breakout to $0.00001115

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  • Shiba Inu price made a new low in its existence last week. 
  • SHIB bulls used that correction for a buy-up towards a new high since July. 
  • A few essential technical elements got reconquered by buyers and should provide support in the coming week.

Shiba Inu (SHIB) formed the perfect scenario for a bull trap two weeks ago. In the week after that, price action made new lows in the existence of Shiba Inu, and buyers have used the lucrative move for picking up some Shiba Inu for their portfolio and longs in SHIB.

Shiba Inu price made a new high since the summer and look to add another 30%

Shiba Inu price is back in favor of the buyers after the love between the bulls and SHIB was at an all-time low since the bull trap from two weeks ago. Bulls go lured into buying SHIB at  $0.00000760. The week after that, in a failed attempt to run price action back towards the dotted descending trend line or the R1 monthly pivot at $0.00000900. Instead, buyers got washed out of their long positions, and the price retreated below $0.00000550. 

This event allowed buyers to step in and buy some SHIB at a very attractive discount. This renewed love between Shiba Inu and bulls got confirmed this week with some solid buying into the price action, resulting in a new high since July.

SHIB/USD weekly chart

SHIB/USD weekly chart

It will be essential to see if buyers can keep price action above the dotted descending trend line next week. A close above there this week would be helpful as a launching point towards $0.00001115. That is the first fundamental level of importance and has not been adequately tested yet, although there have been several resistances from previous months around this level.  

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If sellers cannot close this above $0.00000760, expect another bull trap is taking effect and could see buyers pulling their funds out of Shiba Inu again, leaving the price action in the hands of sellers. A retest of $0.00000500 would be inevitable then.

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