The cryptocurrency market is showing mixed signals with bitcoin price trading at $51,609.72. Altcoins are showing massive gains with Shiba Inu price rallying more than 70%. While Ethereum has managed to $3,500, Cardano price is still hovering within $2.3.
For the Past Couple of days, SHIB Price has been the talk of the town. The Shiba Inu coin has been experiencing a massive rally since Monday after Tesla CEO Elon Musk tweeted an image of his pet dog Floki – a Shiba Inu, sitting atop a Tesla car.
Where is SHIB Price Heading to?
During the Q3 SHIB price consolidated below the $0.000009 horizontal resistance area. As the Meme token consolidated for 3 months before a massive breakout is a sign that upward movement could be very significant.
On Oct 4, the dogekiller broke out amidst a massive bullish candlestick. Overall, in a span of a week, SHIB Price surged more than 200% hitting $0.00002274.
At the time of writing, SHIB price is trading at $0.00002169 with 70% gains. The altcoin is now approaching the resistance level at $0.00002360. Later, the next resistance area would be at $0.000027.
As the SHIB/USD is trading above $0.0000200, now the token needs to break this resistance level for an extended rally. During this phase, we can expect the price to hit $0.0000347 with a more than 50% surge. In case the buying spree continues, SHIB price can hit ATH $0.00003800
On the flip side, if the price drops below $0.00002030 or $0.00001820 will indicate the selling pressure. In This case, we can expect the SHIB price to retrace the $0.0000141 level. If the Meme token drops to this level we can expect the consolidation phase for a few days. However, considering the bullish market trends the altcoin price dropping below $0.0000100 seems unlikely.
Overall, currently, as the dog-themed token has not retracted at all since the breakout, we can expect rejection and short-term retracement.
With Shiba Inu (SHIB) Reportedly Gearing up for a Listing on the Robinhood Platform, Expect the Wider Altcoin Universe to Benefit From a General Bullish Wave
Shiba Inu (SHIB), a Dogecoin spinoff that has come to the limelight recently on the back of its outsized year-to-date gains, might just be about to kick its ongoing bullish momentum into high gear.
As per the news that is just breaking across the proverbial waves, Shiba Inu’s SHIB coin is reportedly nearing a listing on the Robinhood platform:
This comes as a petition on Change.org has already garnered 265,152 signatures (at the time of writing) to list Shiba Inu on Robinhood.
The coin is up at least 5 percent on the back of this news. So, why is a potential listing of the SHIB coin on Robinhood such a big deal? Well, the brokerage platform remains popular with retail investors trying to gain exposure to prominent crypto names. Dogecoin, a cryptocurrency that experienced a similar momentum outburst earlier this year, had also registered outsized gains in the runup to its listing on the popular brokerage platform. Given that Shiba Inu’s SHIB coin is already up 5 percent on this news, investors might be pricing in the prospects of a similar bull run.
At the time of writing, Shiba Inu’s SHIB token is trading at $0.000029, a mere spitting distance away from its all-time high of $0.00003389 recorded back in April. Interestingly, the current price level corresponds to year-to-date gains of over 40 million percent!
As a refresher, the Shiba Inu token is based on Ethereum’s ERC-20 protocol for smart contracts and utilizes a proof-of-stake (PoS) mechanism. SHIB is the project’s foundational currency and, after having endured a series of epic supply burns, there are currently only 394.796 trillion SHIB coins in circulation out of a max supply of 1 quadrillion. With a max supply of 107,646 coins, LEASH is the project’s second token. Investors can purchase LEASH via Uniswap, a decentralized finance protocol that is used to exchange cryptocurrencies. BONE, with a maximum supply of 250 million tokens, is the third coin under the Shiba Inu project. This token can be obtained by staking SHIB coins on the project’s native crypto exchange, dubbed ShibaSwap.
We had noted in a previous post that predictions for Shiba Inu’s SHIB coin to hit the 1 cent price level have been gaining momentum as the project continues to pursue supply burn schemes. Against this backdrop, a Robinhood listing would only further boost the ongoing bullish mania.
Moreover, as we’ve noted recently, a transition in crypto leadership might also be in the cards now. Over the past few bull runs, Bitcoin has always led the initial bullish leg with outsized gains. This phase has been followed by a more general crypto mania under the leadership of altcoins. Given that a futures-based Bitcoin ETF would commence trading on Tuesday, the most immediate bullish impulse for the world’s premier cryptocurrency has now been realized. This scenario favors a gradual transition toward altcoins, including well-established names such as Ethereum as well as the nascent ones, such as Shiba Inu’s SHIB coin.
Shiba Inu Spikes 8 Percent on Fake News About Robinhood Listing
No, Robinhood doesn’t intend to list Shiba Inu (for now)
A fake headline about Robinhood listing the Shiba Inu cryptocurrency posted by a squawk account on Twitter has managed to make the meme cryptocurrency’s price spike over 8% in minutes.
The rally, however, was very short-lived. Shiba Inu quickly gave up its gains after Robinhood debunked the news.
“First Squawk,” the account that posted the headline, is yet to delete the tweet that has accrued over 1,400 likes at press time.
ROBINHOOD SAID TO LIST SHIBA INU TO ITS PLATFORMS: SOURCE— First Squawk (@FirstSquawk) October 18, 2021
As reported by U.Today, the account in question also spread a false rumor about Musk being investigated by the U.S. Securities and Exchange Commission over his Dogecoin tweets.
In the meantime, a Change.org petition to list the “Dogecoin killer” has now surpassed 250,000 signatures.
Shiba Inu is currently the 19th biggest cryptocurrency with a market capitalization of $4.4 billion.
Shiba Inu warns of lower prices as SHIB might test $0.000022
- Shiba Inu price continues to consolidate after making massive gains.
- A false breakout above an ascending triangle could trigger a deeper corrective move.
- Strong support exists if a deeper pullback does occur.
Shiba Inu price has, in a surprise to many, maintained the majority of its huge rally. While Dogecoin killer Shiba Inu has made gains over 340% from the October open, it is still up over 280% despite the recent pullbacks. However, it could dip a little lower.
Shiba Inu price faces more profit taking and short selling if it fails to hold above the Tenkan-Sen
Shiba Inu price is up against a reasonably strong resistance area at $0.000028. $0.000028 is the daily Tenkan-Sen and the close of the end of the first rally at the beginning of October. This level represents the first roadblock to new higher highs, but a close below that level on the daily chart could trigger some further downside pressure.
The only support level below the Tenkan-Sen in the Ichimoku Kinko Hyo system is the Kijun-Sen at $0.000022, which shares that value area with the 61.8% Fibonacci retracement. Therefore, this would be a perfect support area for Shiba Inu price to find more buyers and for short sellers to profit. In addition, the 50% Fibonacci retracement at $0.000024 could also provide some near-term support.
SHIB/USDT Daily Ichimoku Chart
A close above yesterday’s and today’s daily highs ($0.000029) would likely invalidate any short-term bearish price action for Shiba Inu price. The Relative Strength Index has returned to neutral territory while the Composite Index is sloping at an angle, suggesting a cross above both of its averages is incoming. If Shiba Inu bulls can push for a close at or above $0.000029, then a retest of the recent all-time highs is likely.