• Shiba Inu price has begun its capital-doubling rally after getting listed on Robinhood on April 12.
  • SHIB team has also launched a metaverse, which is acting as a tailwind to the ongoing upswing.
  • A daily candlestick close below $0.0000211 will invalidate the bullish thesis.

Shiba Inu price is near the upper end of completing a bottom reversal setup. The recent upgrade for the meme coin has more than helped the technical aspects and in kick-starting the uptrend.

Robinhood silently listed Shiba Inu on April 12 and produced a blog a bit later. This has been the most anticipated listing since May 2021. The announcement added,

As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.

Shiba Inu price forms a base before next leg-up

Shiba Inu price rose a whopping 36% after the Robinhood listing but settled at 22% on the daily candlestick close. This initial upthrust is crucial and is key in kick-starting the upswing that forecasts a move to $0.0000454.

The Shiba Inu price action since January 4 set up an Adam and Eve setup, which contains a V-shaped valley followed by a rounding bottom. This technical formation forecasts a 38% upswing, obtained by measuring the valley’s depth and adding it to the breakout point at $0.0000329.

So far, Shiba Inu price has rallied 22% and is close to reaching the ceiling at $0.0000329. A daily candlestick close above this barrier will indicate a breakout and kick-start a move to the target at $0.0000454. However, there are chances this upswing could extend to $0.0000500 due to it being a round number.

In this case, the run-up would constitute an 87% upswing from the current position at $0.0000266 and 126% from the pre-Robinhood listing price at $0.0000221 on April 11.

SHIB/USDT 1-day chart

SHIB/USDT 1-day chart

While things are looking up for Shiba Inu price, a daily candlestick close below $0.0000211 will invalidate the bullish thesis for SHIB by producing a lower low. In such a case, SHIB might slide lower to explore a stable support level at $0.0000204.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.

More Ripple News
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration. 

More Dogecoin News
Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732

Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732

Ethereum is trading near $3,220, down 2.5% on Wednesday after its supply began trending downward. The declining supply could fuel bullish pressure for the top altcoin, especially as institutional demand for ETH ETFs is also rising.

More Ethereum News
PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing

PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing

PEPE rallied over 50% on Wednesday and hit a new all-time high after crypto exchanges Robinhood and Coinbase announced they would list the meme coin on their respective trading platforms.

More Pepe News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP