Doge’s Little Brother Shiba Ino (SHIB) Meme Coin Surges 700%

Tuesday 11 May 2021, 11:00 AM AEST - 1 month ago

Shiba Inu coin is trading in an uptrend like many other altcoins. The Cryptocurrency SHIB just went up +700% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +1600% in 30 days.

What is Shiba Inu?

Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap, Binance and Uniswap and some other crypto exchnages.

SHIB Price Analysis

At the time of writing, SHIB is ranked 19th cryptocurrency globally and the current price is $0.00003537 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

Looking at the above chart, SHIB was trading sideways and broke out from the rising wedge pattern on the SHIB/USDT pair. The first resistance was on the $0.00001275 AUD price levels which SHIB broke with a strong bullish trend and buying volume. It is now heading towards the next resistance near all time high price levels. SHIB could continue the uptrend after getting listed on Binance exchange today with many other altcoins waking up bullish this week.

A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.

Larry Swing on Investopedia [source]

What do the Technical Indicators say?

The SHIB TradingView indicators (on the 1-day window) mainly indicate SHIB as a strong buy, except the Oscillators which indicate SHIB as a buy.

Why did SHIB Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying SHIB for the next Altcoins rally.

Finally, there is the possible impact of recent news of SHIB getting listed on Binance exchange.

Where to Buy or Trade SHIB?

Shiba Inu has a high liquidity on the Binance exchange so that would help for trading SHIB/USDT pair. However, if you’re just looking at buying and HODLing then Swyftx exchange is a popular choice in Australia.

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