Shiba Inu gains over 30% in just two days as Kraken announces SHIB listing


Dogecoin-inspired cryptocurrency meme Shiba Inu (SHIB) has emerged as one of the top performers in the traditional and crypto markets entering the new weekly session as its price has climbed over 30% since the start of the week.

SHIB’s price hit $ 0.00005155 on Tuesday after rebounding from its technical support to near $ 0.00003560 earlier this week. Its rebound signaled a change in trend, particularly after the broader market sell-off last week, driven by concerns over the new Covid19 strain, dubbed Omicron.

Shiba Inu price bullish catalysts

At the heart of Shiba Inu’s bullish retracement was Kraken, a US-based cryptocurrency exchange that announced on Monday that it will effectively allow SHIB trading on its platform from November 30. However, Kraken has clarified that it will not offer SHIB futures and margin trading services. .

Additionally, earlier this week, Shiba Inu received bullish signals of a broader rally in major digital assets including Bitcoin (BTC) and Ether (ETH). Bitcoin rose more than $ 3,000 from its November 26 low to nearly $ 53,500 – the day the Omicron variant caused turmoil in traditional and crypto markets.

Correlation between SHIB / USDT and BTC / USD on a daily price chart. Source; TradingView

Meanwhile, Ether, which has a higher degree of positive correlation with Bitcoin, fell from nearly $ 3,900 to around $ 4,500 during the same time frame.

The market catalysts helped boost Internet searches for the keyword “Shiba Inu,” data from Google Trends showed over a seven-day period. This coincided with an increase in internet queries for the keyword “SHIB”, underlining a resurgence of retail interest in the cryptocurrency this week.

The searches of interest “SHIB” are retrieved. Source: Google Trends

SHIB technical sheet

Shiba Inu’s latest bounce also activated a Bull Flag model that projects its price per token to around $ 0.00010000.

SHIB / USDT daily price table with Bull Flag configuration. Source: TradingView

In detail, the price of the SHIB broke the upper trendline of the Flag, accompanied by an increase in intraday trading volumes. This usually prompts traders to move their profit target to a level that is ultimately equal to the height of the previous uptrend.

Related: Supersize McShib: Shiba Inu The Biggest ERC-20 Exploitation Among ETH Whales

Simultaneously, SHIB also confirmed the breaking of a Falling Wedge setup, an indicator of a bullish reversal, as shown in the chart below.

SHIB / USDT daily price chart showing a falling wedge pattern. Source: TradingView

The profit target of the Wedge model can be found at a length equal to the maximum distance between its upper and lower trendline – around $ 0.00003053 above the break point, i.e. around 0 , $ 00007,500.

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