Shiba Inu (SHIB) prices soared on April 12 when it debuted on Robinhood, a US-based commission-free trading platform.
SHIB surged more than 35% to 0.00003, its highest level in nearly two months, before paring some of the gains. However, SHIB was still on track to post its best daily performance since Feb. 6 when it surged around 27%.
Strong Crypto Returns Pre-listing for SHIB
Robinhood has emerged as a go-to for investors every day since the pandemic began in March 2020. Last year, the retail brokerage added 10 million funded accounts to its platform, with more than half of new signups from first-time investors.
However, it recorded a net loss of $423 million in fourth-quarter earnings of 2021, noting that its main source of revenue (order flow payments) generated $263 million compared to $267 million in the same quarter of the previous year.
Meanwhile, revenue from cryptocurrency trading has surged more than 300% in the same period, setting Robinhood on its way to offering more crypto-related services in 2022, including a wallet and adding more altcoins and meme tokens to its brokerage platform.
David Gokhstein, founder of Gokhshtein Media, She said The addition of SHIB to Robinhood is a “cool thing” for the crypto space, noting that the cryptocurrency could help attract more users to other currencies such as Bitcoin (BTC) and Ether (ETH).
with the gray dollars Listing on Robinhood, I’m watching other meme tokens to see if they move.
– David Gokhshtein (@davidgokhshtein) April 12 2022
What’s next for Shiba Inu?
The events that led to the massive intraday movement of Shiba Inu also include a period of strong buildup, data from IntoTheBlock shows.
The analytics platform indicated that the title that has held SHIB for more than a year has increased its balance in the past 30 days. As a result, these “scammers” now control 2.82% of SHIB’s net circulating supply.
Diamond hands wingray dollars Scammers remain unfazed and piled up over the past weeks and it pays off with Robinhood’s announcement today
– Titles with SHIB >1 year increased their credit by 57% in just 30 days
– They now occupy 2.82% of the offer https://t.co/zAGHgiM8Qo pic.twitter.com/iwkGVVzMx9
– IntoTheBlock (intotheblock) April 12 2022
Technically speaking, however, Shiba Inu is still facing threats from its dominant bearish continuation pattern.
Related: Robinhood rolls out wallets to 2 million queued users, plans to integrate Lightning
Notably, SHIB has been consolidating inside the so-called symmetrical triangle since late December 2021. It formed this pattern after declining nearly 70% from its October 2021 high at $0.00008894.
As a general technical trading rule, SHIB must now break below its triangle to resume its downtrend.
If SHIB drops below the lower trend line of the triangle, its next downside target will be of a length equal to the maximum distance between the pattern’s upper and lower trendline, when measured from the breakout point.
This bearish scenario places the Shiba Inu target below $0.00001200, down more than 50% from the April 12 price.
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