Key Takeaways:
- SHiba Inu coin price at 65% year-to-date advance.
- Technicals on the daily chart are conflicting, showing both bullish and bearish cues.
- Binance.US prepares to launch SHIB/USD pair on Feb 24. another bullish move ahead?
YEREVAN (CoinChapter.com) – Shiba Inu (SHIB) coin price has surged 65% year to date to reach $0.00001341 on Feb 20. The token may rally further as it looks to gain a listing on the US branch of Binance, the world’s leading crypto exchange by volume.
SHIB bullish scenario
On Feb 20, SHIB’s price traded above a significant ascending trendline since mid-January. Moreover, this trendline served as support on multiple occasions, as shown via yellow circles of accumulation in the chart below. As a result, there’s a strong likelihood of SHIB bouncing from the same trendline in the coming weeks.
Furthermore, the SHIB price has painted a golden cross pattern on its daily chart.
A golden cross occurs when the asset’s short-term moving average (MA) exceeds its long-term MA. As seen on the chart above, the SHIB coin price 20-day MA (red wave) and the 50-day MA (orange wave) consecutively crossed above the 200-day MA (blue wave), indicating more gains ahead for as long as the short-term MAs hold the dominant position.
Also read: Shibarium launch date delayed as SHIB retests resistance.
If the Shiba Inu coin price holds the current confluence of support (MA-20 and $0.00001293 line), the closest resistances would be $0.00001379 and $0.00001475.
However, there were warning signs on the charts as well. Here are more details.
Shiba Inu coin bearish warnings
Along with the bullish signs, the chart above flashed bearish warnings. The trading volumes have declined since peaking on Feb 4, resulting in the local price top. Generally, declining trading volumes signify a cool-off in interest toward the asset, which could lead to a price decline.
The relative strength index (RSI: purple graph) also deviated from the price action.
In detail, while the price action printed higher lows, the RSI graph insisted on lower lows. Such divergence also indicates a looming price decline. Combined with the declining trading volumes, it makes a compelling argument, despite the SHIB/USD pair launch on Binance.US.
Also read: Shiba Inu price drops 15% despite Shibarium launch hype and record number of holders.
If the Shiba Inu coin price exceeds the bearish prediction, the possible support lines will be $0.00001293, 0.00001248, and 0.00001213, respectively.
SHIB/USD pair launch on Binance.US
Binance.US announced the news on Feb 14, mentioning the delisting of another Shiba Inu byproduct – Kilo Shiba Inu (KSHIB). “KSHIB / USD trading pairs will be delisted, and all pending KSHIB spot trade orders will be canceled on Feb 20, 2023, at 10 p.m. EST,” mentioned the exchange.
Binance.US will list and open trading for SHIB/USD on February 24, 2023, at 7 a.m. EST. All customers currently holding KSHIB will receive converted SHIB distributions at a ratio of 1 KSHIB = 1,000 SHIB by February 24, 2023.
commented Binance.US
The exchange added that the SHIB/USDT trading pair would remain available during this window. Several other exchanges, including Coinbase, have SHIB/USD pairs available. However, Binance.US will still broaden the SHIB audience and give the coin an additional bullish incentive.
Click here to keep up with the ever-changing crypto market and never miss the scoop!
