Key Takeaways:
- Shiba Inu prices have been declining all across November.
- However, a bullish chart pattern suggests SHIB may have been taking a break before resuming its bull run.
NEW DELHI (CoinChapter.com) — Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency with exposure in the nonfungible token (NFT) and decentralized finance (DeFi) industry, looks posed to pursue another bull run.
Shiba Inu Price Charting Bullish Patterns
A Bull pennant is a continuation pattern that forms when an asset’s price undergoes a large movement and consolidates within converging trendlines. Volume is a key factor when using pennants for technical analysis.
The period of consolidation should have lower volume, with higher volume accompanying the breakout. The breakout target equals the initial upside movement in a pennant pattern, known as the pole. For SHIB, if the pattern holds, the upside target might be a 96.62% rise from current levels to $0.0001032
Recommended: 60% Boost Possible For Shiba Inu Despite SHIB’s Sour Week.
Meanwhile, SHIB is currently bearish in the short-term range, as its prices move below the meme token’s 50-4H moving average trendline. The 50-4H trendline forms immediate resistance for SHIB at $0.00005402. In case of a breakout, Shiba Inu might face resistance at $0.00005552.
Sustained buying pressure would see SHIB rise to $0.00005805 before prices correct. On the other hand, if the breakout fails, Shiba Inu prices would seek support at $0.00005117. If traders start selling to recover losses, SHIB prices would likely move to $0.00004989.
Further sell-off might see support near the 200-4H MA trendline at $0.00004832 come into play. Additionally, SHIB continues to be bullish in the long-term timeframe.
The trend-based momentum oscillator MACD is currently bullish for Shiba Inu. Bars on the MACD histogram indicate the MACD line (difference between 12-4H and 26-4H EMA) moves above the MACD signal line (9-4H EMA of MACD).
The bars, which plot a difference between the MACD line and its signal line, are positive, indicating a bullish momentum for the meme token. The relative strength index for SHIB is neutral, with a value of 49.63. The RSI trendline is moving horizontally currently
Shiba Inu Fundamentals
CoinDCX, a major Indian cryptocurrency exchange, recently announced its decision to list SHIB for trading. Despite India’s uncertain regulatory stand on cryptocurrencies, Indian investors generate significant trading volume across multiple exchanges.
The listing doesn’t come as a surprise, as the demand for Shiba Inu has increased as the meme token charted new ATHs in Oct. SHIB has gained by 91,120,589.65% YTD, making it popular with the new generation of traders and investors.
Also Read: Shiba Inu resumes bull run amid Tesla adoption rumors.
Shiba Inu supporters recently started a petition asking Robinhood, a US-based exchange, to list SHIB on its platform for trading. The petition has gathered more than half a million signatures, is a major bullish fundamental for SHIB.
However, Robinhood stated that it is in no hurry to add any new coins on its platform. Christine Brown, COO of Robinhood, said that the firm is wary of listing volatile coins on its platform at a Crypto Goes Mainstream event. She further said the firm beliefs short-term gains may not be worth the long-term tradeoff for its users.
On the other hand, another US-based exchange, Gemini, announced its decision to list SHIB trading pairs, along with several DeFi, Metaverse, and other tokens.
Moreover, Brian Hoffman, crypto exchange Kraken’s product lead, hinted that the exchange might list Shiba Inu on its platform. Kraken had initially announced it would list the memecoin on Nov 2 but later returned to its promise.
However, Mr. Hoffman later deleted his tweet, which had a GIF of a Shiba Inu dog using a laptop. Hence, currently, the news is unconfirmed.
Adam Aron, CEO of AMC, the world’s largest movie exhibition company, noted in the company’s Q3 earnings call that the entertainment firm was exploring options to include Shiba Inu as a payment option on its online platform.
At the time of writing, SHIB was trading at $0.00005269, down 0.83% on the day.
