Shiba Inu gains over 30% in just 2 days as Kraken announces SHIB listing

November 30, 2021 Coin Telegraph

Bitcoin

The upside move in the Shiba Inu instruments also comes in the wake of broader price rebound across leading crypto assets, including Bitcoin.

Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, has emerged as one of the best performers across traditional and crypto markets entering the new weekly session as its price climbed by over 30% week-to-date.

SHIB’s price reached $0.00005155 Tuesday after bouncing from its technical support near $0.00003560 at the beginning of this week. Its rebound signaled a shift in trend, especially after the last week’s broader market sell-off, induced by concerns related to the new COVID-19 strain, dubbed Omicron.

Bullish catalysts for SHIB’s price

At the core of Shiba Inu’s upside retracement was Kraken, a United States-based cryptocurrency exchange that announced Monday it would effectively enable SHIB trading on its platform from Nov. 30. However, Kraken clarified that it would not offer SHIB futures and margin trading services.

New Listing on Kraken: @Shibtoken $SHIB deposits begin NOW! Trading is live November 30.

➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0
— Kraken Exchange (@krakenfx) November 29, 2021

Additionally, at the beginning of this week, Shiba Inu received bullish cues from a broader recovery across the top digital assets, including Bitcoin (BTC) and Ether (ETH). Bitcoin rallied by more than $3,000 from its Nov. 26 low near $53,500 — the day the Omicron variant caused turbulence across the 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, surged from nearly $3,900 to around $4,500 in the same period.

The market catalysts helped boost internet searches for the keyword “Shiba Inu,” data on Google Trends showed on a seven-day timeframe. That coincided with a spike in internet queries for the keyword “SHIB,” underscoring a recovering retail interest in the cryptocurrency this week.

*“SHIB” interest searches recover. Source: Google Trends*

SHIB price chart technicals

Shiba Inu’s latest rebound also activated a bull flag pattern that projects its price per token at around $0.00010000.

*SHIB/USDT daily price chart featuring bull flag setup. Source: TradingView*

In detail, SHIB’s price broke above the flag’s upper trendline, accompanied by a rise in intraday trading volumes. That typically prompts traders to shift their profit target to a level that is at length equal to the previous uptrend’s height.

Simultaneously, SHIB also confirmed breaking out of a falling wedge pattern, a bullish reversal indicator, as shown in the chart below.

*SHIB/USDT daily price chart featuring falling wedge pattern. Source: TradingView*

The profit target of the wedge pattern can be found at the length equal to the maximum distance between its upper and lower trendline, about $0.00003053 above the breakout point — i.e., around $0.00007500.

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.

Shiba Inu slump continues: Data shows retail interest waning as SHIB down 60% in 4 weeks

November 24, 2021 Coin Telegraph

Coin Telegraph

Conflicted technical setups emerge in the wake of Shiba Inu’s latest price decline, with price targets sitting as high as $0.0001.

Shiba Inu (SHIB) edged further down on Nov. 24 as its appeal among the army of retail traders, who helped it rally by more than 535% to a record high of $0.00008854 earlier this year, declined.

SHIB’s price dropped by nearly 60% after establishing the said all-time high on Oct. 28, signaling that traders have been actively locking their Shiba Inu profits. That has further resulted in a substantial drop in SHIB’s benchmark instrument of SHIB/USDT volumes on Binance, underscoring a weak retail interest.

In doing so, SHIB’s reported market capitalization slipped to $21.30 billion from around $28.31 billion in just five days beginning on Friday.

*SHIB/USDT daily price chart. Source: TradingView*

Google’s keyword search data also showed a declining interest in the “Shiba Inu” markets, with its score on a 12-month timeframe dropping down from a perfect 100 to 20, much in line with SHIB’s 60% price correction.

Alex Krüger, an independent market analyst, referred to the dropping Google Trends for the keyword “Shiba Inu” as a sign that the token has been topping out — i.e., the beginning of its bear cycle.

*Internet searches for the keyword “Shiba Inu.” Source: Google Trends*

More sell-off ahead?

The latest bout of selling in the SHIB market pushed its prices below a critical upward sloping support (the velvet trendline), triggering its potential to undergo further declines.

For instance, the levels defined within the scope of the Fibonacci retracement graph, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, provided potential entry and exit points as SHIB’s price trended lower, as shown in the chart below.

*SHIB/USDT daily price chart featuring Fibonacci retracement levels. Source: TradingView*

It appears SHIB’s latest price had it test the 0.618 Fib line at $0.00003792 as its interim support level. A rebound off the said price floor raised SHIB’s potential to retest the upward sloping trendline as resistance, which coincides with the 0.5 Fib line at $0.00004773.

Conversely, a move below $0.00003792 may risk sending SHIB’s price to the 0.786 Fib line at $0.00002394. Market analyst IncomeSharks also highlighted the area around $0.00002394 as a potential “buy zone” while referring to a weekly SHIB chart.

$SHIB - Think we see weekly supertrend support eventually touch. This is where I would look to get back in if I was to play this. pic.twitter.com/nBmtfB77n6
— IncomeSharks (@IncomeSharks) November 23, 2021

SHIB price bull flag setup

Offsetting the sell-off fears in the SHIB market is the occurrence of a potential bull flag setup.

In detail, SHIB’s price has been trending lower inside a downward sloping channel since topping out at $0.00008854 on Oct. 28. The channel more or less appears like a bull flag, a bullish continuation indicator that appears as a consolidation phase following a strong move higher, as shown in the chart below.

Typically, traders place their upside target at a length equal to the height of the previous uptrend (called a flagpole), anticipating that the instrument will break above the flag range with higher volumes. As a result, SHIB has the potential to rally by as high as $0.00005100, its flagpole’s height.

That puts the Shiba Inu token en route toward $0.00010000.

Shiba Inu in danger of ‘topping signal’ as SHIB price loses 50% in 3 weeks

November 19, 2021 Coin Telegraph

Bitcoin

The meme cryptocurrency is hinting at undergoing a price rebound as it paints a classic bullish continuation setup.

Meme-cryptocurrency Shiba Inu (SHIB) has lost more than 50% of its market valuation in three weeks since its all-time highs in late October.

SHIB’s price dropped to as low as $0.00004251 on Nov. 19 after correcting by almost 55% from its all-time high of $0.00008854. Its price recovered a small portion of its losses on Friday, but the move looked indecisive due to weaker trade volumes — i.e., few traders supported the rebound trend.

Some analysts noted that a sharp pullback in the SHIB market was unavoidable after its price had skyrocketed by more than 1,100% since Oct. 1.

For instance, an independent market analyst, under the pseudonym John Wick, called SHIB’s ongoing price correction a “topping signal,” thus suggesting additional selloffs in the sessions ahead.

*SHIB/USD four-hour price chart. Source: TradingView, John Wick*

“Buying the dips”

Price swings of 50% or more are not too uncommon in the cryptocurrency market. For example, Bitcoin (BTC) had plunged from around $65,000 to below $30,000 in less than 30 days earlier this year. But later, BTC rebounded to establish a new record high at $69,000.

At the core of Bitcoin’s volatile rebound was a well-circulated narrative that projected it as a hedge against rising inflation all across the world. Meanwhile, for Shiba Inu, the core bullish narrative remains “community,” as stated by one of the coin’s most popular endorsers, David Gokhshtein.

The founder of Gokhshtein Media and CEO of PAC Protocol reminded that Shiba Inu’s bullish performance this year has come on the back of strengthening community support and despite the absence of major endorsements by celebrities and billionaires.

$SHIB going to bring more people into the #crypto space just like $DOGE did.

Even $FLOKI with their marketing will bring my eyes here.
— David Gokhshtein (@davidgokhshtein) November 13, 2021

Gokhshtein tweeted Friday, asking his followers who among them is “buying the dips,” thus also reiterating his faith in a potential SHIB price rebound even after a 50%-plus price correction.

Bullish technical outlook

Shiba Inu’s ongoing price correction had it trend lower inside what appeared like a bull flag range, raising possibilities that the coin would continue its move higher in the future.

In detail, bull flags occur as a brief pause in the trend after a strong price move higher.

The pattern looks like a downward sloping channel/rectangle represented by two parallel falling trendlines. Typically, bull flags result in the price breaking out of the upper trendline to levels at length equal to the height of the previous uptrend (called a flagpole).

*SHIB/USDT daily price chart featuring bull flag. Source: TradingView*

With that said, SHIB’s next attempt to break above its flag’s upper trendline, if accompanied by a rise in trading volume, could result in a price leg higher toward $0.00010000.

Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE

October 28, 2021 Coin Telegraph

amc theater

The DOGE price rally appeared after Shiba Inu briefly flipped Dogecoin to become the ninth-largest cryptocurrency by market capitalization.

Dogecoin (DOGE) soared on Oct. 28 amid massive capital rotations out of its top meme coin rival’s market, Shiba Inu (SHIB).

Notably, DOGE’s price rallied by a little over 44% to reach its intraday high of $0.3449. Its gains appeared in contrast to SHIB’s losses in the same period. On the other hand, the so-called “Dogecoin killer” dropped almost 28% to log an intraday low at around $0.000057; in the same hour, DOGE printed its daily top.

*SHIB/USD vs. DOGE/USD daily price chart noting inverse correlation. Source: TradingView*

The sudden price rally also pushed DOGE’s market capitalization to over $40 billion, a mettle that Shiba Inu achieved hours before, with the two cryptocurrencies now neck-and-neck and currently battling for the ninth place by market cap.

Traders started flocking into Dogecoin markets hours after Elon Musk, CEO of Tesla and SpaceX, posted a new tweet about the meme cryptocurrency.

If I send you 2 Doge, will you promise to send me 1 Doge?
— Elon Musk (@elonmusk) October 27, 2021

Musk’s earlier supportive tweets prompted DOGE to climb by more than 1,500% in the first five months of 2021.

Long DOGE, short SHIB

Shiba Inu rallied exponentially heading into Q4, rising by around 1,200% in October on hopes that it would gain a listing on Robinhood, a United States-based zero-fee trading app, and its foray into the emerging decentralized finance and nonfungible token sectors with new product launches.

Nonetheless, SHIB’s supersonic bull run has also made it overvalued, based on some key metrics, notably the Relative Strength Index. Thus, it appears that spot and derivative traders have decided to secure and/or rotate their profits.

Su Zhu, co-founder, CEO and chief information officer of fund management firm Three Arrows Capital, noted earlier on Thursday that traders rotated their easy-to-short Shiba Inu perpetual swap profits — as SHIB topped out at $0.00008854 — into the Dogecoin perpetual market.

The former Deutsche Bank trader suggested that DOGE can rally toward $0.88 next should traders rotate profits from SHIB to Dogecoin.

88e-6 $shib touched

rotatooor to .88 $doge now? pic.twitter.com/AqRd85rCSk
— Zhu Su (@zhusu) October 28, 2021

Around $20.8 million DOGE rekt

Dogecoin’s price moves also caught derivatives traders off-guard as they lost about $20.8 million in total liquidations across the previous 24 hours. Around $18.17 million worth of those liquidations emerged out of leveraged long bets after DOGE’s price dropped to its weekly low of $0.2179 on Wednesday.

In contrast, the ongoing 12-hour timeframe saw bears taking more losses than bulls, with $8.9 million worth of bearish Dogecoin bets getting liquidated against $5.22 million worth of bullish bets concerning the same token.

*DOGE total liquidations across all exchanges. Source: Bybt*

On the whole, however, Dogecoin traders were the majority short in the previous 24 hours, with FTX and OKEx users turning out to be exceptionally bullish, with 58% and 77% of their net positions skewed long, respectively.

A sudden bearish reversal in the Shiba Inu market also led to SHIB liquidations worth $31.41 million, the third-highest among all cryptocurrencies in the previous 24 hours.

PostyXBT, an independent market analyst, warned about excessive leverages in both SHIB and DOGE markets.

“Play spot and not leverage,” he said, adding, “The volatility could quite easily wipe out before a big move in intended direction.”

Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

October 27, 2021 Coin Telegraph

amc theater

In comparison, Dogecoin’s October gains so far have come out to be a little over 8%.

Shiba Inu (SHIB) continued its march upward on Oct. 27, with its price hitting a record high of nearly $0.000060 before correcting lower.

SHIB rallied by more than 25% to an all-time high of $0.00005959, crossing above its previous all-time high of 0.00005000, according to data from Binance. The latest move upside pushed the token’s month-to-date (MTD) returns to approximately 726%, making it the fifth-highest grossing cryptocurrency entering the final quarter of 2021.

SHIB’s October gains had slipped to near 606% following a price correction from its record high, still higher than the rest of the top-cap crypto rivals, including Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Solana (SOL).

*Top five cryptocurrencies ranked according to their October gains. Source: Messari*

Still, SHIB’s superior performance particularly stands out against its meme coin rival, Dogecoin (DOGE), whose MTD gains are currently only about 8%. Moreover, Shiba Inu’s market capitalization has now reached $22.1 billion — the 11th-largest — putting it right behind Dogecoin’s $31.53 billion in 10th place.

SHIB copying DOGE bull run?

Shiba Inu was launched in 2020 after taking heavy inspiration from Dogecoin, a 2013-born joke cryptocurrency fashioned after the Japanese dog breed. Eight years since its introduction, Dogecoin’s popularity emerged with its use as payments by sports teams, AMC theaters and as a speculative investment vehicle thanks to Tesla CEO Elon Musk’s social media endorsements of the token.

DOGE’s price underwent an incredible upside boom in the first five months of 2021, rising more than 15,000% amid a retail-led frenzy. In doing so, the king meme token reached its record high of $0.76 on May 8, only to correct by over 68% to trade around $0.23 at press time.

*DOGE/USD daily price chart. Source: TradingView*

Overall, Dogecoin went through extreme trends in the previous 12 months, starting with a long period of consolidation, eventually following it up with an extended bullish breakout and further by a massive price correction.

It appears Shiba Inu’s price trends in recent months took cues from Dogecoin’s consolidation and breakout phases, as the SHIB/USDT chart shows below.

*SHIB/USDT daily price chart featuring Dogecoin’s three phases. Source: TradingView*

A Dogecoin-like 1,500% price boom in the Shiba Inu market puts its long-term profit target near $0.00013500. Nonetheless, the fractal also warns about massive, periodical price corrections toward the 20-day exponential moving average support (the green waves in the charts above) as the price increases.

The overall Shiba Inu dominance in the cryptocurrency market has surged from 0.16% to 0.91% MTD. On the other hand, Dogecoin’s control on the market has reduced from 1.5% to as low as 1.20% in the same period.

SHIB price macro fundamentals

Joe Wiesenthal, editor at Bloomberg Markets, noted that Shiba Inu has “advanced smart-contracting capabilities,” making it better than Dogecoin.

“You can check out Shibaswap, a Uniswap-like decentralized exchange for the SHIB community. It’s got NFT, liquidity mining. All of it. Meanwhile, Dogecoin doesn’t have any of this right now.”

As Cointelegraph covered, the recent SHIB price rally may have also taken cues from the Monday launch of the Shiboshis Social Club. This online community rewards exclusive perks to people who own exclusive Shiba Inu-generated nonfungible tokens (NFT), dubbed Shiboshis.

As a result, retail appears to have been tailing Shiba Inu’s speculative bull run, with a recent study by Bacancy Technology showing that it received 2.8 million Google searches on average in 2021, the third-highest after Bitcoin and Ethereum.

In comparison, search volume of Dogecoin came as the sixth-largest.

Meanwhile, a petition on Change.org pleading with Robinhood to list SHIB tokens on its zero-fee trading app garnered over 500,000 signatures. Robinhood CEO Vlad Tenev said during the company’s earnings call Tuesday that Robinhood is considering adding new coins to the service portfolio, albeit without mentioning their names.

That may have pushed Shiba Inu’s price to its record high Wednesday, further signaling booming retail interest in the meme crypto.

“Memes have value and have been an investible thesis in 2021,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, told Bloomberg, adding:

“Lower dollar-price tokens are attractive to retail.”

But according to Ben Caselin, head of research and strategy at crypto exchange AAX, SHIB traders should tread ahead carefully due to excessive speculation, citing prior patterns that indicate that the token would likely “shed much of its value” as it gets challenged by other meme projects.

SHIBUSD