- Jepanese dog breed-inspired Shiba Inu coin declined over 40% since its all-time high on Oct 28.
- The future might not be all that grim, as the daily chart flashed a bullish Descending Triangle.
- SHIB supporters are keen on major platforms listing the token, but its volatility didn’t convince Robinhood.
YEREVAN (CoinChapter.com) – Shiba Inu, the “Dogecoin killer” meme coin, declined 20% in a week, and 42% in total, after scoring a new all-time high of $0.000088 on Oct 28. However, SHIB bulls might have something to celebrate in the upcoming sessions, as the digital asset painted a bullish Descending Triangle on the chart.
In detail, the Descending Triangle consists of a horizontal support line, preventing declines, and a descending resistance line capping the bullish attempts. Furthermore, the formation predicts the reestablishment of the bias before the Triangle. Thus SHIB price could see another leg up in the upcoming sessions.
Shiba Inu flashed a similar pattern (bullish Pennant) after the previous explosive rally and continued the uptrend. If it breaks above the resistance this time, SHIB could expect a 60% upside move. As of publication, the SHIB/USD pair traded at 0.000054 in the European session Thursday.
Following Bitcoin’s Thursday 2% decline, many altcoins corrected as well. So it looks like SHIB’s recovery could depend not only on Shiba Inu supporters but also on the market’s overall climate.
What’s ahead for SHIBA INU(SHIBA)?
Despite the recent setback, the popularity of the Dogecoin killer is on the rise. According to CoinMarketCap, the number of SHIB holders rose over 30% in the past month. On Nov 11, it stood at 951,704, aiming at a million by the month’s end at the current rate.
The statistics show that the top 10 SHIB holders control over 62% of the token supply, making Shiba Inu susceptible to manipulation. Nevertheless, the SHIB community is keen on making their favorite meme coin available on investment platforms like Robinhood. The online petition to promote the said notion got half a million votes so far.
However, Robinhood’s chief operating officer Christine Brown dampened the hopes of Shiba Inu fans. She commented that listing volatile coins like SHIB could be dangerous exposure for their clients.
Our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now. We think that the short-term gain we might get is not worth the long-term tradeoff for our users.said the COO on Nov 9.
Unlike Robinhood, several leading crypto exchanges like Binance and Coinbase ’embraced the Shib’ and now offer SHIB trading pairs. However, according to Coinbase’s own research, the digital asset’s average holding time is 11 days, compared to Bitcoin’s 77.
The future direction of the meme coin is not yet clear. Since creation, the asset gained over 60 million percent, and the Q4 2021 will show if Shiba Inu can still hold its ground against other emerging dog-themed tokens. As of publication, technical analysis paints a bullish picture.