Shiba Inu Price Prediction as Japanese Exchange Adds SHIB – Can SHIB Reach $1?

cryptonews.com:

The Shiba Inu price has risen to $0.00000810 today, marking a 2% gain in 24 hours as the market recovers from Binance’s settlement with the DoJ.

However, SHIB remains down by 11% in a week and by 5.5% in a fortnight, although the meme token holds onto 7% increase in the last 30 days.

Given how much traders have oversold SHIB in recent weeks, it remains in a good position for some compensatory rallies in the next few weeks.

And with Japanese exchange BitTrade expanding its support for SHIB to include lending, the token could rally very soon.

SHIB’s indicators remain fairly subdued at the moment, undermining any claim that a rally is imminent for the altcoin.

In particular, its RSI (purple) currently sits below 50, a sign that the coin is leaning more towards selling than buying pressure right now.

Likewise, SHIB’s 30-day average (yellow) has stalled and now sits very close to its 200-day (blue), which it could fall below anytime soon.

Another discouraging sign is the fact that the coin’s support level (green) has dropped below $0.0000080 in the past few days.

This is troubling insofar as SHIB began the year at $0.00000810, so any drop below this support indicates long-term decline.

However, the coin has lifted in the past day, with its 24-hour trading volume remaining at $135 million, which is notably higher than some of the levels it fell to in earlier months.

SHIB has also witnessed positive news in the past month or so, with BitTrade listing the token for the first time in October.

And now, the Japanese exchange has expanded this support to include lending services for SHIB, something which could increase demand for the token in the longer term.