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Shiba Inu created much attention across the cryptocurrency market after the token made an explosive rally, resulting in major profits for token holders. However, despite garnering buyer support and recording an increase in the number of wallet addresses holding the token, SHIB has not been immune to market dips.
When SHIB rallied in October towards an all-time high, it was mainly because of rumours that the meme coin would be listed in Robinhood, and now, these rumours have sprouted again.
SHIB attempts a breakout
Shiba Inu has been attempting a bullish rally, but this rally could fail to hold for the long term because of the recession across the broader cryptocurrency market. At the time of writing, this meme coin was trading at $0.00003111. This price reflects a 0.2% decline during the past 24 hours.
If SHIB continues with its bearish trend, it could drop towards the lower support at $0.000029. The coin has gone below this support level this week, and such lows could be recorded again without buyer support.
SHIB is among the popular coins that have suffered a major blow during the recent market recession. The coin is 64% below its record high, and the lows have created an opportunity for traders who want to book profits if the broader market recovers.
If there is a price recovery, SHIB could make an uptrend and go towards the next resistance level at $0.000032. These levels will be achieved if there is an influx of traders that want to benefit from the recent hype surrounding a rumoured Robinhood listing.
Rumoured listing of SHIB on Robinhood
Robinhood is one of the popular exchanges in the cryptocurrency market, and it came into the limelight after generating major trading volumes for Dogecoin. It has been referred to as an exchange that is highly popular with meme coins, and a SHIB listing on the exchange could generate notable gains.
The recent speculation that SHIB could debut on Robinhood has been created by a tweet saying that the meme token will be listed on the exchange in early February. Robinhood has become popular among crypto traders because it charges zero commissions. Its daily trading volumes average at around $14 million.
Aside from this, the token has also sparked attention with speculations about the launch of Oshiverse, believed to be a metaverse for the meme token. Such news has limited selling pressure for the token.
Your capital is at risk.
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