- Shiba Inu price is stuck hovering around two vital support levels, $0.00000625 and $0.00000654.
- SHIB is now an asset supported by Coinbase Custody.
- A successful flip above $0.00000654 might trigger a 32% upswing.
Shiba Inu price is in a tough place that becomes apparent as it failed to move despite Coinbase inducting SHIB into Coinbase Custody. The consolidation around two critical support levels has been ongoing for roughly two weeks now and shows no signs of a breakout.
Coinbase Custody welcomes Shiba Inu
Coinbase, one of US’s most popular cryptocurrency exchanges, announced on August 3 that it would accept Shiba Inu into Coinbase Custody. Although a lot of the retail market expected this news to move the market, it did not, suggesting that the hype cycle for meme coins has died.
Regardless, this move from Coinbase indicates that investors on its platform are actively holding their purchases, be it Shiba Inu or other cryptocurrencies, and they want a safer place to store their assets, which explains the announcement.
Despite this development being fundamentally positive for the dog-themed cryptocurrency, its effect on the market value seems to have been delayed. On the other hand, technicals also indicate an incoming bullish breakout. Therefore, going forward, investors can expect a massive spike in buying pressure that results in an exponential growth in Shiba Inu price.
Shiba Inu price awaits a trigger
Shiba Inu price is currently hovering around the $0.00000654 and $0.00000625 support levels. These barriers came into existence on May 19 and June 8, respectively. Since then, any breach below these footholds was followed by a successful flip, resulting in a massive spike in buying pressure (circled areas).
However, unlike previous instances, SHIB has failed to react after a reclaim of $0.00000654. Moreover, the last time Shiba Inu price consolidated for over two weeks was just before the 2,933% upswing between May 7 to May 10.
All in all, the compression that Shiba Inu price is undergoing indicates that it will result in a bullish breakout that retests the 50% Fibonacci retracement level at $0.00000870.
SHIB/USDT 12-hour chart
On the other hand, an inability of the buyers to reclaim $0.00000654 will indicate a weak bullish momentum. This development will result in a 17% downswing to retest the range low at $0.00000517.
If the sellers push SHIB below $0.00000517, it will invalidate the bullish thesis and potentially trigger further downside to $0.00000420.
Robinhood CEO Dodges Question About Shiba Inu Listing
Robinhood CEO Vladimir Tenev says that he has heard the Shiba Inu community
Robinhood CEO Vladimir Tenev addressed a swirl of rumors surrounding Shiba Inu during his Oct. 21 appearance on CNBC’s “Mad Money.”
When Jim Cramer, the host of the show, asked whether or not the leading online trading app was intending to list the canine meme token, Teven said that he had heard a lot of people in that community.
Yet, he seemingly dodged the question and refused either to confirm or deny that the listing is indeed going to happen, prompting even more speculation.
After an awkward pause, Tenev went on to mention that Robinhood only offers seven coins and stressed that the company prioritizes safety:
I think it goes back to safety first. We are not generally going to be the first to add any new asset. We wanna make sure that it goes through a stringent set of criteria.
As reported by U.Today, Robinhood competitor Public.com added support for Shiba Inu earlier this month.
Coinbase, America’s premiere crypto exchange, added support for SHIB in September.
285 000 signatures
In the meantime, a Change.org petition to post the Shiba Inu cryptocurrency on Robinhood has now surpassed 285,000 signatures.
Tenev’s recent comment comes after the online brokerage denied making an announcement about listing SHIB, debunking Twitter rumors.
With that being said, Robinhood didn’t explicitly state that it wasn’t intending to list Shiba Inu in the future.
Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing
- Social investing app Public.com lists SHIB for members with crypto access; the platform is yet to launch crypto wallets.
- Brazil’s largest cryptocurrency exchange Novadax added SHIB to its fiat-crypto market.
- All staking and liquidity mining stablecoin rewards on SHIB will now be distributed through BONE, saving Shiba Inu holders the gas fees paid in Ethereum to claim rewards.
- Development of Shibarium and Shiboshi games is underway; launch is expected within a few months.
Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders “Flip DOGE for SHIB” and exchanged Dogecoins for Shiba Inu tokens.
Rumors of Robinhood listing, analysts predict SHIB recovery
Public.com, a social investing app, recently listed the Shiba Inu coin for members who have opted in for cryptocurrency access on the platform. The social app added cryptocurrencies to its list of offerings on October 7. The platform has over a million traders on its app.
Brazilian traders now access SHIB through the country’s largest cryptocurrency exchange, Novadax’s fiat-crypto market. Traders on the exchange can buy SHIB using Brazilian Real on Novadax.
Great news for the #ShibArmy in #Brazil, where the biggest exchange in the country now allows to trade Brazilian Reais (BRL) for $SHIB. https://t.co/WZ4FttnIC0#Crypto #SHIBA— Shib (@Shibtoken) October 20, 2021
ChangeNOW, a non-custodial cryptocurrency exchange platform, recently offered its traders the option to “Flip DOGE for SHIB,” effectively exchanging their Dogecoin holdings for Shiba Inu coin. Traders availed this service to accumulate more SHIB tokens ahead of the rumored listing on the zero-commission exchange platform, Robinhood.
An anonymous source close to the exchange revealed that Robinhood had taken notice of the social media support for SHIB, and the platform plans to list SHIB soon.
Shytoshi Kusama, the leader of all Shiba Inu ecosystem projects, recently shared an update on the trifecta SHIB, LEASH and BONE. Kusama addressed SHIB holders’ issue with ETH gas fee payment in claiming staking and liquidity rewards. All rewards in stablecoins will now be distributed through BONE.
Kusama confirmed that Shibarium and Shiboshi game development is underway, and there are plans to launch the products in the upcoming months.
Pseudonymous cryptocurrency analyst @army_shiba is bullish on SHIB price. The analyst set a target of $0.00004161 and $0.00005201.
$SHIB CHART! 🔥
📈 It is forming a bullish triangle for around ten days. It accumulates in .2479 (support) and .3519 (resistance) channel!
Once it breaks the resistance, targets will be .4161 and .5201! 🔥 pic.twitter.com/VUhlu55AdW— $SHIB KNIGHT (@army_shiba) October 22, 2021
FXStreet analysts have evaluated the SHIB price trend and predicted that Shiba Inu has one obstacle to overcome before the Dogecoin-killer hits $0.00006.
Shiba Inu Price Prediction: SHIB at edge of 20% ascent if bulls conquer last hurdle
- Shiba Inu price is preparing for a 20% rally once it overcomes one last obstacle.
- SHIB needs to slice above the prevailing chart pattern’s neckline at $0.00002946 before ascending to the October 7 high.
- If Shiba Inu falls below $0.00002712, the token would fall back into a consolidation pattern, continuing to trend sideways.
Shiba Inu price continues to consolidate as it moves sideways following the tremendous bull run earlier this month. SHIB has presented a buying opportunity as it edges closer to a 20% rally following the emergence of a bullish technical pattern.
Shiba Inu price awaits climb toward $0.00003543
Shiba Inu price has formed an inverse head-and-shoulders pattern on the 4-hour chart. The prevailing technical pattern suggests a 20% breakout toward $0.00003543, the October 7 high, once SHIB surges above the neckline of the chart pattern at $0.00002946. Until the dog-themed token is able to slice above this one last obstacle, it may continue to trend sideways.
Adding credence to the bullish outlook is the break above the descending resistance trend line that formed since the swing high on October 7. However, before Shiba Inu price could reach the aforementioned optimistic target, there remain two major hurdles: the October 13 high and the October 11 high at $0.00003073 and $0.00003200, respectively.
Shiba Inu price appears to be also devising a symmetrical triangle pattern, with a measured 42% rally if SHIB makes a decisive move toward the upside. Although the token broke above the resistance trend line, it appears to be hovering around the topside trend line of the triangle pattern.
A spike in buy orders could see Shiba Inu price slice above the inverse head-and-shoulders neckline and eventually prepare for a 20% rally.
SHIB/USDT 4-hour chart
However, if SHIB suffers weakness and sees its momentum flip to the downside, Shiba Inu price could drop toward the prevailing chart pattern’s right shoulder, ruining the bullish outlook.
The first line of defense for Shiba Inu price is at the descending trend line, which coincides with the 21 four-hour Simple Moving Average (SMA) at $0.00002826. Additional support will emerge at the 50 four-hour SMA at $0.00002739, before dropping to the right shoulder’s low at $0.00002712. Should SHIB tumble below this level, the token would devastate bulls as the token falls back into the symmetrical triangle pattern, indicating further consolidation.
Additional selling pressure could see Shiba Inu price collapse toward the 100 four-hour SMA at $0.00002626, before descending further, tagging the ascending support trend line at $0.00002497.