The adjustment day for cryptos is here. After an extended upward momentum, most cryptocurrencies are taking a breather. On the other hand, Shiba Inu token jumped 50% in the past 24 hours, reaching a market cap valuation of USD 17 Billion. Why is SHIBA INU up that much while cryptos are sinking? In this article, we’ll mainly focus on the technicals behind this price jump.
What’s Happening with Shiba Inu token?
Shiba Inu’s price started to increase after Coinbase announced that they were going to list the token on their exchange. In fact, Coinbase is one of the biggest exchanges in the US and has significant crypto trading volumes. This news came of course in a positive push for SHIB prices. Back then, prices jumped by 35% right after the news. Additionally, prices started to pick up and prepare for higher highs.
Fig.1 SHIB/USDT 1-day chart showing the Coinbase listing boom – TradingView
After that, prices continued on a slight uptrend, until prices exploded. In the past 24 hours, SHIB managed to increase by 50%. In turn, it became the 11th largest cryptocurrency by market capitalization. This comes after a petition on change.org that demands Robinhood to also list SHIB on its platform, got more than 300,000 signatures.
Fig.2 SHIB/USDT 1-day chart showing the current boom of SHIB – TradingView
SHIB Price Prediction – What will Happen to SHIB prices?
After this strong price rally, it is normal t see a short-term adjustment in prices. In fact, prices are already witnessing some breathers and profit-taking from those short-term traders. The Fibonacci retracement shows a 38.2% retreat in prices towards the USD 0.0000374 level. If you are considering buying SHIB, it is advisable to wait for further adjustment towards the 0.000033 area.
On the other hand, the SHIB ecosystem showcased many NFT tokens, and a specialized page for them that is already sold out. They are on the other hand promising to drop further NFTs soon up for grabs. “Memes are here to stay”, said the head of the OTC operations over at FTX exchange. If the NFT drop garners another success and Robinhood ends up by listing SHIB on its platform, SHIB is expected to boom following those events.
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