Shiba Inu is holding steady for now, after the sudden crash in value a day after leading US-based cryptocurrency exchange Coinbase delayed its plans to list the token on its platform for professional traders. At the time of writing, SHIB/USDT is trading around $0.0000075.
A few days ago, we told you how an online petition was successful in getting the crypto exchange to take note of this memecoin. After gathering over 41,000 supporters, Coinbase did respond with an announcement on June 15 confirming that it will add Shiba Inu to its professional trading platform.
However, a day later, the company posted an update citing a delay in launching SHIB due to technical issues. The announcement also stated that Coinbase was disabling SHIB deposits although users could continue with withdrawals. The announcement caused Shiba Inu to lose almost 10% of its value over the previous session and it is still down by over 9% in the past 24 hours.
Meanwhile, SHIB could enjoy some support from news reports about Paraguay’s largest entertainment company Grupo Cinco announcing that it will begin accepting payments in crypto, including the memecoin. The company is planning to start accept digital currencies as payments across its 24 outlets, including nightclubs, pubs and restaurants.
Key Levels to Watch
Most of the moving averages in addition to leading technical indicators MACD and momentum are suggesting a bearish bias on the H4 chart of SHIB/USDT. However, there may still be some hope for an uptick as the price sits well above the pivot point at $0.0000070.
Looking ahead, buyers will have to take the price above resistance at $0.0000085 for a confirmation of a bullish momentum. On the other hand, in case the downtrend strengthens, we could see Shiba Inu’s price fall below the pivot point and test the support which sits at $0.0000053.