Shiba Inu (SHIB) gains 30% from Robinhood listing rumor and bullish chart pattern

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

The SHIB price is trending lower in an area defined by two trendlines while trading volume declines. That shows that investors are less concerned about the downtrend.

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As a result, falling wedges often provide an ideal springboard for a bullish breakout when price closes above the upper trendline of the structure. On Thursday, the SHIB showed signs of a similar breakout.

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

Notably, the token briefly closed above the upper trendline of the falling wedge, reaching an intraday high of $0.00003290. The upside move increases predictions that SHIB will continue to trend higher in the coming sessions, with Fiery Trading analysts noting that the ongoing bullish retracement in the crypto market will continue. driving the altcoin uptrend.

Analysts said:

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With the entire crypto market seeing strong upside moves, it can be expected that SHIBA will follow suit. The token is currently trading near the top resistance of the pattern for a possible breakout soon. Look for a daily close above the resistance level.

Next bullish target for SHIB

A decisive move above the upper trendline of the falling wedge could keep traders eyeing a bullish confirmation near $0.00003929.

Simply put, if SHIB price breaks above $0.00003929, the previous resistance, traders can end up placing a reverse bet on a level that is equal to the maximum distance between the upper trendline and below ($0.0004240).

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The SHIB/USDT daily price chart has a falling wedge setup. Source: TradingView

As a result, a potential falling wedge breakout could put SHIB price on its way to $0.00008026, as shown in the chart above. Conversely, a pullback from the upper trendline of the wedge can cause the SHIB to retest the lower trendline of the structure around the $0.0002350 support.

List of potential Robinhoods supporting the current rally

SHIB’s bullish setup mainly came after it recovered almost 30% in three days.

At the core of SHIB’s strong rally were a few fundamental catalysts. These include speculation about a token listing on Robinhood, a commission-free trading app with an average daily volume of more than $14 million.

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Additionally, SHIB also edged higher along with a recovery across crypto markets on Wednesday, with leading digital asset Bitcoin (BTC) rebounding more than 12% and Ether (ETH) up nearly 18 % in the last three days.

While there is a possibility that the SHIB price explodes due to excessive speculation, Vladimir Kardapoltsev, CEO of blockchain wallet company PointPay, noted that the potential for further recording profits in 2022 is huge due to the holding model. recent by SHIB investors.

“It is worth mentioning that in just over five weeks, the average holding time of Shiba Inu on Coinbase Global has increased from 6 to 32 days,” he said, adding that “people have been hoarding SHIB because Shiba Inu is readily available,” he said. ready to be more than just a Dogecoin-like meme-coin.”

Kardapoltsev says:

There are several key criteria investors and potential buyers should consider when determining the price of SHIB in 2022. Shibarium, Oshiverse, and ShibaSwap have all contributed to Shiba Inu’s skyrocketing valuation, placing it it’s ahead of competitors like Dogecoin, which is still a meme-coin with minimal development.

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