Shiba Inu (SHIB) jumps on news of Robinhood listing

Key Takeaways:

  • Robinhood announced the listing of four new tokens on its platform, including Shiba Inu.
  • SHIB prices jumped nearly 37% in response to the news.
Shiba Inu fans rejoice on news of SHIB's listing on Robinhood's platform. Image from freepik
Shiba Inu fans rejoice at the news of SHIB’s listing on Robinhood’s platform. Image from freepik

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
Also Read: ShibaDEX, the first cross-chain exchange for Shiba Inu, may boost SHIB adoption.

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.

Shiba Inu (SHIBUSDT) daily chart with golden cross and MACD. Source: Tradingview.com
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.

Also Read: Shiba Inu (SHIB) risks a 60% drop after forming bearish chart pattern.

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.

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Shiba Inu, Shiba Inu (SHIB) jumps on news of Robinhood listing

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