Shiba Inu Underpinned at $0.000048 – Gemini Adds Support for Shiba Inu
Gemini, the popular cryptocurrency exchange created by the Winklevoss twins, has pledged support for the meme-inspired cryptocurrency, Shiba Inu (SHIB), disclosing that it will first add support for deposits and custody before launching trading.
Gemini announced that it would be adding support for a “variety of new DeFi, metaverse, infrastructure and data management tokens”, as well as SHIB. According to the exchange, “audius (AUDIO), quant (QNT), wrapped centrifuge (WCFG), mask network (MASK), burn (ASH), radicle (RAD), superrare (RARE), fetch.ai (FAT) and numeraire (NMR) will also be supported.”
Shiba Inu Live Rate
SHIB/USD closed at $0.00005314, after reaching a high of $0.00005625, and a low of $0.00005156. SHIB/USD reversed course on Sunday, gaining ground for the day. According to John Lyu, CEO of the popular cryptocurrency trading platform KuCoin, the meme-inspired cryptocurrency, SHIB, is worth holding over the long term, despite its recent price correction. Lyu said that the trading volume of SHIB has topped that of Bitcoin on the trading platform for at least three days in a row.
Furthermore, the trading volume of SHIB across spot exchanges briefly surpassed that of Ethereum last month. Lyu said that retail investors were very passionate about meme-inspired tokens and were determined to push the prices higher. He said that he would hold onto the cryptocurrency in the long term, along with both BTC and DOGE. He said that Bitcoin was a hedge against inflation while the meme-based tokens represented the power of their communities.
Lyu also mentioned that, according to Crypto Globe, SHIB has become the third most Googled cryptocurrency this year, with a monthly average of 2.8 million searches. The first and second places were held by Bitcoin and Ethereum, with monthly averages of 22 million and 6.3 million a month respectively. During the third quarter, SHIB/USD has seen a price surge of almost 570%, despite the recent correction in prices.
Furthermore, the meme-inspired cryptocurrency also gained positive momentum on Friday, after being listed on the retail-friendly platform of the Indian cryptocurrency trading platform, CoinDCX. The exchange has over 3.5 million active users, and is looking to onboard 50 million users throughout India. All these favorable developments surrounding the SHIB/USD token helped its prices to surge over the weekend.
The token also experienced upward momentum over the weekend, while the US dollar was weak. The US Dollar Index fell to the 95.00 level, which ultimately weakened the US dollar against its rival currencies. The weak greenback lifted the price of SHIB, as the two have a negative correlation.
Shiba Inu Daily Technical Levels
Support Resistance
0.00005105 0.00005574
0.00004896 0.00005834
0.00004636 0.00006043
Pivot Point: 0.00005365
Shiba Inu Technical Outlook – Brace to Trade the Symmetrical Triangle
On the technical front, trading in the SHIB/USD is choppy at the 0.000050 level, while it maintains a narrow trading range of 0.00006390-0.0000050. On the bearish side, the breakout at the 0.0000052 support level could extend the selling trend until 0.000044. Conversely, a breakout at the 0.00006390 level exposes the Shiba Inu price to the 0.00007490 level. As long as the market is trading in this narrow range, we can expect choppy trades. Good luck!
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