Shiba Inu prices are set to skyrocket when SHIB is listed on a major Brazilian cryptocurrency platform
Shiba Inu prices are expected to rise when a major cryptocurrency exchange lists the canine-themed coin.
The prevailing technical trend predicts a 14% increase in SHIB.
Shiba Inu, on the other hand, may encounter a huge stumbling block at $0.00003550.
Following a slice above a major resistance barrier, Shiba Inu pricing has forecast a 14 percent advance. The Dogecoin competitor is slated to be listed on a major Brazilian cryptocurrency market on February 16, potentially increasing the token’s value even higher.
Shiba Inu price targets $0.00003708
Shiba Inu is slated to be listed on Foxbit, a prominent Brazilian cryptocurrency market, on February 16. The exchange, which debuted in 2014, is one of Latin America’s oldest digital asset markets. With almost 950,000 registered users on the market, the SHIB price might rise much more.
Shiba Inu price just cut above the top border of the falling wedge formation, placing a 54 percent rise near $0.00003708 on the radar. To attain the optimistic objective, SHIB bulls are hoping for a 14 percent rise.
The initial line of resistance may appear at the 23.6 percent Fibonacci retracement level of $0.00003411, followed by another barrier at the 100-day Simple Moving Average (SMA) of $0.00003550.
If the bulls manage to hit the previously suggested bullish goal of $0.0003708, purchasers may then aim for the 38.2 percent Fibonacci retracement level of $0.00004467. Shiba Inu price objective $0.00006174 at the 50% retracement level may be met with even higher goals and a surge in purchase orders.
However, if selling pressure continues, the Shiba Inu price may fall near the 50-day simple moving average (SMA) around $0.00002854, which serves as immediate support. If this level fails to hold, SHIB might go further lower to the 200-day SMA at $0.00002599.
An increase in sell orders may cause the Shiba Inu price to fall toward the 21-day simple moving average (SMA) at $0.00002381, which is at the upper border of the ruling technical pattern. If pessimistic sentiment continues to rise, SHIB might fall below its October 8 low of $0.00002060.