The Shiba Inu price is sitting just above a key support level of $0.000007.
The inclusion of three new pairs to the ShibaSwap decentralized exchange might boost SHIB by 20%.
The bullish thesis will be invalidated if $0.00000625 is not reclaimed after a breakdown.
The Shiba Inu price reversed nearly all of its gains since July 6, but the bulls stepped in to save the day. SHIB is now trading between two critical levels and is attempting to move higher.
Shiba Inu has announced that the ShibaSwap Decentralized Exchange has added the ETH-USDT, LEASH-BONE, and SHIB-BONE pairs (DEX). These additions come after the ShibaSwap DEX was launched on July 6 by the creators of the dog-themed cryptocurrency.
Although the coin’s price behavior is due to the hoopla around it, the debut did not result in a bullish increase.
Regardless, the DEX has $1.2 billion in total value locked (TVL), demonstrating the demand for this canine coin.
Despite being a joke coin, the inclusion of new pairs will only assist to draw more capital to the exchange, adding value to its fundamentals.
Surprisingly, the tremendous interest and influx appear to be a result of two factors: the meme coin and the audit. Shiba Inu’s official Twitter account posted a comprehensive audit report for the ShibaSwap exchange, which was recently inaugurated.
Because most DeFi projects are targeted and exploited by hackers, the audit lends credibility to the launch, which may explain the $1.2 billion in TVL.
Shiba Inu price is now trading at $0.00000803 as it attempts to slash through the $0.00000811 resistance level. The recent attempt, after rebounding off the $0.000007 support twice in the last five days, should deliver beneficial results, especially given the ShibaSwap DEX’s growth.
If SHIB price breaks through the immediate supply barrier, investors should keep an eye on the reaction around $0.00000870, which corresponds to the 50% Fibonacci retracement level. If this level is broken, a retest of the high likelihood reversal zone, which ranges from $0.00000954 to $0.0000107, will be possible.
As a result, the increase from $0.00000803 to $0.00000954 is a 20% gain. Shiba Inu may peg the 70.5 percent Fibonacci retracement level at $0.0000101 in some situations.
4-hour chart of SHIB/USDT
While the rising story appears to be rational, it is based on the expectation that the Shiba Inu price will slice through $0.00000811. If SHIB fails to break over this resistance, it will indicate a lack of purchasing pressure.
In this case, market participants should expect the meme coin to drop 13% to $0.000007, which is the immediate support level. The bullish scenario will be invalidated if the $0.00000625 demand barrier is broken.
Shiba Inu price could retest the range low of $0.00000518 if this happens./n
