Shiba Inu (SHIB) fetches 30% gain on Robinhood listing rumor and bullish chart pattern

A close up of a light Altcoin

Shiba Inu (SHIB) fetches 30% gain on Robinhood listing rumor and bullish chart pattern

SHIB’s 30% gain initiates a bullish reversal pattern and rumors of a major exchange listing and other developments have investors playing catch with the canine-themed meme coin.

Shiba Inu (SHIB) fetches 30% gain on Robinhood listing rumor and bullish chart pattern

Shiba Inu (SHIB) seems to be preparing for a bullish breakout as a falling wedge pattern begins to form.

The price of SHIB has been trending lower inside an area defined by two contracting trendlines while accompanying a decline in trading volume. That shows that investors have been less concerned about the downtrend.  

As a result, falling wedges typically provide an ideal springboard for an upside break once the price closes above the structure’s upper trendline. On Jan. 14, SHIB showed signs of following a similar topside break.

SHIB/USDT daily price chart featuring a falling wedge. Source: Fiery Trading 

Notably, the token briefly closed above the falling wedge’s upper trendline, hitting an intraday high of $0.00003290. The upside move raised anticipation that SHIB would continue its trend higher in the coming sessions, with Fiery Trading analysts noting that an ongoing bullish retracement across the crypto market would further boost the altcoin’s upside bias.

The analysts said,

Additionally, SHIB also rallied higher in line with a bounce-back across crypto markets on Jan. 12, with top digital asset Bitcoin (BTC) rebounding by more than 12% and Ether (ETH) rising by nearly 18% in the past three days.

While it is likely that SHIB’s price boomed due to excessive speculation, Vladimir Kardapoltsev, CEO of blockchain wallet company PointPay, noted that its potential to log more gains in 2022 was huge due to SHIB investors’ recent holding pattern.

“It is worth mentioning that in just over five weeks, the average holding duration for Shiba coins on Coinbase Global has climbed from six to 32 days,” he told Cointelegraph, adding that “people have been hoarding SHIB because of Shiba Inu’s willingness to become more than just a Dogecoin-like meme token.”

Kardapoltsev said,

“There are several critical criteria that investors and potential buyers should consider when determining the price of SHIB in 2022. Shibarium, the gaming video game Oshiverse, and ShibaSwap have all contributed to Shiba Inu’s surging pricing, placing it ahead of competitors such as Dogecoin, which is still a meme currency play with minimal development.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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