Sunday, August 14

Shiba Inu gains over 30% in just two days when Kraken announces SHIB listing

Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, emerged as one of the top performers in the traditional and crypto markets upon entering the new weekly session, as its price surged more than 30% in the week through date.

SHIB price hit $ 0.00005155 on Tuesday after bouncing from its technical support near $ 0.00003560 earlier this week. Its rally marked a change in trend, especially after last week’s market sell-off, prompted by concerns related to the new Covid19 strain, dubbed Omicron.

Bullish catalysts for Shiba Inu price

At the center of Shiba Inu’s bullish pullback was Kraken, a US-based cryptocurrency exchange. announced on monday which would effectively allow SHIB trading on its platform as of November 30. However, Kraken clarified that it would not offer SHIB futures and margin trading services.

Additionally, earlier this week, Shiba Inu received bullish signals of a broader rally in major digital assets including Bitcoin (BTC) and Ether (ETH). Bitcoin rallied by more than $ 3,000 from its Nov. 26 low near $ 53,500, the day the Omicron variant caused turmoil in traditional and crypto markets.

Correlation between SHIB / USDT and BTC / USD on a daily price chart. Source; TradingView

Meanwhile, Ether, which has a higher degree of positive correlation with Bitcoin, rose from almost $ 3,900 to around $ 4,500 in the same period.

Market catalysts helped drive Internet searches for the keyword “Shiba Inu, “Google Trends data was displayed over a seven-day time frame. That coincided with an increase in Internet queries for the keyword” SHIB, “underscoring the recovery of retail interest in cryptocurrency this week.

‘SHIB’ interest searches are retrieved. Source: Google Trends

SHIB pricing table techniques

The latest Shiba Inu bounce also triggered a Bull Flag pattern that projects its price per token at around $ 0.00010000.

SHIB / USDT daily price chart with Bull Flag setup. Source: TradingView

In detail, SHIB price broke above the flag’s upper trend line, accompanied by an increase in intraday trading volumes. Usually this prompts traders to change their profit target to a level that is largely equal to the height of the previous uptrend.

Related: Supersize McShib: Shiba Inu, ERC-20’s Largest Possession Among ETH Whales

Simultaneously, SHIB also confirmed the breakout of a descending wedge pattern, a bullish reversal indicator, as shown in the chart below.

SHIB / USDT daily price chart with descending wedge pattern. Source: TradingView

The wedge pattern profit target can be found at a length equal to the maximum distance between its upper and lower trend line, around $ 0.00003053 above the breakout point, that is, around $ 0.00007500 .

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trade move involves risk, you should do your own research when making a decision.