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Shiba Inu (SHIB) gains 30% on rumors of a Robinhood listing

Shiba Inu (SHIB) Gains 30% On Rumors Of A Robinhood Listing
Shiba Inu (SHIB) Gains 30% On Rumors Of A Robinhood Listing

The canine-themed meme (SHIB) coin’s 30% gain has started a bullish reversal pattern, and rumors of a major exchange listing and other developments have investors playing catch up.

As a falling wedge pattern forms, Shiba Inu (SHIB) appears to be preparing for a bullish breakout.

With a drop in trading volume, the price of SHIB has been trending lower inside an area defined by two contracting trendlines. This demonstrates that investors are less concerned about the downward trend.

As a result, falling wedges are usually an excellent springboard for an upside break once the price closes above the structure’s upper trendline. SHIB showed signs of following a similar topside break on Jan. 14.

SHIB/USDT daily price chart featuring a falling wedge setup. Source: TradingView

The token briefly closed above the upper trendline of the falling wedge, reaching an intraday high of $0.00003290. The move higher raised expectations that SHIB would continue its upward trend in the coming sessions, with Fiery Trading analysts noting that the altcoin’s upside bias would be boosted even more by an ongoing bullish retracement across the crypto market.

According to the experts,

“With the crypto market as a whole seeing strong bullish moves, SHIBA is expected to follow suit. This token is currently trading near the pattern’s top resistance, indicating that a breakout is imminent. Keep an eye out for a daily close above the resistance level.”

The next upside target for SHIB

If the falling wedge’s upper trendline is decisively broken, traders may be looking for a bullish confirmation near $0.00003929.

Put, if the price of SHIB rises above $0.00003929, a previous level of resistance, traders may place upside bets on the level that is equal to the maximum gap between the upper and lower trendlines ($0.00004240).

As a result, as shown in the chart above, a potential falling wedge breakout could send SHIB’s price soaring to $0.00008026. A pullback from the wedge’s upper trendline, on the other hand, could see SHIB retest the structure’s lower trendline near $0.00002350 support.

Potential Robinhood listing backs the current rally

SHIB’s bullish setup emerged primarily as a result of a three-day rebound of nearly 30%.

A few fundamental catalysts were at the heart of SHIB’s sharp retracement. These include rumors about the token being listed on Robinhood, a zero-commission trading app with an average daily volume of over $14 million.

Additionally, SHIB rallied higher on Jan. 12 in line with a rebound in crypto markets, with top digital asset Bitcoin (BTC) rebounding by more than 12% and Ether (ETH) rising by nearly 18% in the last three days.

While it’s likely that SHIB’s price has risen as a result of excessive speculation, Vladimir Kardapoltsev, CEO of blockchain wallet company PointPay, believes that due to SHIB investors’ recent holding pattern, the potential for further gains in 2022 is enormous.

“The average holding duration for Shiba coins on Coinbase Global has climbed from six to 32 days in just over five weeks,” he told Cointelegraph, adding that “people have been hoarding SHIB because of Shiba Inu’s willingness to become more than just a Dogecoin-like meme token.”

According to Kardapoltsev,

“When determining the price of SHIB in 2022, investors and potential buyers should consider a number of important factors. Shibarium, the video game Oshiverse, and ShibaSwap have all helped Shiba Inu’s price rise, putting it ahead of competitors like Dogecoin, which is still a meme currency in its early stages.”

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