|

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:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP lag recovery as Israel and Iran attack each other

Cryptocurrency prices remain under pressure on Monday as market participants navigate tensions in the Middle East after Israel and Iran attacked each other for the first time since the peace deal agreement that was reached in Early April.

Bitcoin Price Forecast: Institutional selling, Middle East tensions keep BTC under pressure

Bitcoin remains under pressure, struggling below $64,000 on Monday after posting its worst one-week return this year. Institutional sell-off remains severe with spot Exchange Traded Funds recording the fourth week of steady outflows of billions since mid-May.

Hyperliquid rebounds as retail interest offsets first-ever ETF outflows

Hyperliquid price is up 6% at press time on Monday, extending the 5% rebound from the previous day. The rebound aligns with HYPE's regaining retail strength in the derivatives market, offsetting the first-ever daily outflows from Exchange-Traded Funds.

Pi Network extends bearish trend as low volumes stall recovery

Pi Network (PI) price hovers below $0.1300 at press time on Monday, following its sixth consecutive weekly loss of 12%. A declining trend in trading volume shadows the falling PI token prices, reflecting weak demand failing to absorb supply pressure.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.