After months of waiting, Shiba Inu got listed on Robinhood – the mobile trading app, along with three other cryptocurrencies Solana, Polygon, and Compound. Shiba Inu jumped 31% within a few hours of this news, and after that, it settled with an intraday gain of 19%.
Shiba Inu, the dog-faced meme coin, was created in August 2020 to create competition for Dogecoin. It is an Ethereum based alternative to Dogecoin. SHIB token was available on major exchanges, but it was not available for trading on Robinhood.
A few petitions were launched in the last few months to adopt this token on this platform. Finally, it is listed on Robinhood. But many experts think Robinhood decided to slow down its stock slide on Nasdaq.
Besides that, the news of metaverse and virtual land selling may influence the price in the future. They are also planning to launch their own stable coin SHI and bring major innovation to the virtual gaming world.
However, it is interesting to note that none of this news may sustain its gains in the long run. Should you invest in the Shiba Inu coin now? Read this SHIB prediction to find out the answer with technical analysis and price history details.
At the time of writing, the price of SHIB was trading around $0.000027. It is trading around the resistance level, but it did not break the level in the last few months. If the Shiba coin breaks the level, it will face another resistance around $0.000030, and we do not think it will break that level now. The SHIB token still has not broken it’s all-time high price level.
On the daily chart, the MACD line will be bullish, as it will trade above the Support Line for the next few days at least. RSI and Bollinger Bands are stable, but we do not suggest you buy Shiba Inu for the short term. We can find a green histogram and increase in volume; still, we think Shiba Inu will retrace back to the previous support level.
Moreover, on the weekly chart, the MACD line shows bearish momentum, and candlesticks are around the baseline of the Bollinger Bands, which suggests the SHIB price may go down in the next few months. We would not suggest you invest in this coin even for the long term.
In short, it is not the ideal time to buy SHIB because it is in a long-term downtrend. Aggressive traders may keep a close eye on the price and invest in this coin for the short term when it comes to the support level.