Key Shiba Inu takeaways:
- Coinbase listed Shiba Inu coin for all App and website users.
- SHIB jumped in response and reached a three-month high.
YEREVAN (CoinChapter.com) – Shiba Inu (SHIB) managed a convincing uptrend in the past two days. It gained 46 percent as one of the largest crypto exchanges Coinbase announced its listing for its Pro and all the app and website users. The platform first released a teaser, hinting at the upcoming news, then posted a confirmation hours later.
The responses to the relationSHIB were divided, as it often happens with little coins. Some users argued the decision, calling Shiba Inu a shitcoin, while others claimed it is a valuable investment asset. Nonetheless, Coinbase confirmed the news officially and asserted that all app and website users could trade, buy, sell, or hold SHIB coins on their addresses.
Before the listing, Coinbase has already voiced its official policy to make more digital assets available on their platform.
“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies”.announced the company.
Coinbase is not the first major exchange to list the “Dogecoin killer.” OKEx, a Seychelles-based cryptocurrency exchange, added SHIB on May 11, after the digital asset cracked the top 30 cryptos by market cap. Other platforms include Binance, Huobi, Kucoin, etc. Today SHIB ranks #46 with a market cap of $2.3 billion.
While Twitter wars about the listing decision were not ready to subside, SHIB climbed 46 percent and peaked at a three-month high of $0.00000965 before settling at $0.00000915 in the Asian-Pacific session Friday.
SHIB daily chart
As a result of the bullish price action, the relative strength index (RSI: the purple graph below) adopted a near-vertical uptrend. In hindsight, the RSI is a momentum indicator. Therefore, a high RSI between 30 and 70 signifies that the traders are confident in the asset and are ready to invest.
Moreover, the SHIB saw a golden cross on the daily chart between the 20-day exponential moving average (EMA-20) and the 50-day simple moving average (SMA-50). The golden cross is a bullish formation that predicts gains in the long run for as long as the short-term MA holds above the long-term MA.
If SHIB keeps the uptrend with confidence, it has to conquer the resistance line at $0.00000935. If the digital asset can keep above it, it can retest the line as support. The upcoming sessions will show if the listing will be enough to fuel the rally much longer.