NEW DELHI (CoinChapter.com) — Robinhood, popular stock and cryptocurrency trading platform has announced the listing of four new cryptocurrencies on its platform, including memecoin Shiba Inu’s SHIB token.
The platform also added Solana (SOL), Polygon (MATIC), and Compound (COMP). Robinhood shares jumped 4.9% on Nasdaq before corrections pared prices. Robinhood users requested the platform to list the meme token, along with Shiba Inu fans.
Shiba fans, or as they like to call themselves, ‘SHIB Army,’ had been pushing for a Robinhood listing for a long time now. In Dec 2021, SHIB Army even launched a petition to list Shiba Inu on Robinhood’s platform. The petition has since garnered nearly 5.6 million signatures.
Robinhood’s Chief Brokerage Officer, Steve Quirk, said the firm was excited to add more trading choices for its customers.
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
Steve Quirk, Chief Brokerage Officer at Robinhood, said
The crypto assets are currently available for trading on the platform. However, Robinhood’s announcement states deposits and withdrawals wouldn’t be available immediately for the new assets.
Shiba Inu Price Chart
Shiba Inu’s SHIB token reacted to the news by jumping nearly 37% between Apr 12’s low ($0.00002191) and high ($0.00003) levels.
The move helped SHIB prices break above their 20-day moving average (red wave), 50-day MA (yellow wave), and 100-day MA (purple wave), making the Shiba token bullish across short-term and mid-term time frames.
Furthermore, the uptrend might trigger a technical pattern to help SHIB prices continue moving upwards. For example, the pattern would form if SHIB’s 20-day MA (red wave) would likely move above its 100-day MA (red wave) to form a golden cross pattern.
The bullish cues might help SHIB prices break above immediate resistance at $0.00002905, which has served as resistance for Shiba Inu prices since Feb 17, 2022. Furthermore, moving above immediate resistance could help SHIB target resistance from its 200-day MA (green wave) near $0.0000316.
SHIBUSDT daily chart with golden cross and MACD. Source: Tradingview.com
Conversely, if the Shiba Inu token fails to start an uptrend, the memecoin prices could fall to immediate support near $0.0000238. A sustained sell-off could see SHIB fall to $0.0000207. SHIB has repeatedly tested the price level as support since Jan 21 this year.
Meanwhile, momentum oscillator MACD continues to be bearish for SHIB. Bars on the MACD histogram chart the difference between the MACD line (difference between 12-day and 26-day EMA) and the MACD signal line (9-day EMA of MACD).
However, the negative bars are contracting, indicating increasing bullishness in the Shiba token’s price momentum.
At the time of writing, SHIB was trading at $0.00002705, up 21.96% on the day.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
SOL prices jumped more than 41% over the last seven days. The token likely reacted to news of Solana's...
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