SHIB coin price has struggled to break out of a tight bottleneck for the past two weeks as it awaits possible listing by Robinhood. Nonetheless, the token was listed by Public.com, a retail investing platform on Wednesday, according to a tweet from the company. This is likely to offer some reprieve as investors wait to see whether Robinhood will yield to a petition to list SHIB.
Growing interest in SHIB
Despite SHIB price hitting a plateau in recent days, more people still want to get a hold of the token. Over the past several months, Shiba Inu Coin (SHIB) has grown to over 750,000 users and is currently one of the top 20 cryptocurrencies in terms of market capitalization. Since the beginning of September, the number of holders has increased by about 105,000, which is equivalent to a 16 percent rise.
Trading volume could determine price trajectory
For now, the biggest concern may be a decrease in SHIB coin’s trading volume, which could lead to panic dumping. The most recent major acquisition was made four days ago. According to crypto data service Whalestats, a SHIB whale bought $1.1 million worth of SHIB tokens. However, as Bitcoin surpassed its previous all-time high yesterday, SHIB was unable to benefit from the market momentum.
Whale purchases are key to building market momentum because they help confirm the validity of price movement.
Technical analysis for SHIB coin price
SHIB price has been locked up in a symmetrical triangle over the past two weeks. Traders will be looking for a breakout to gauge the likelihood of bullish or bearish control. On the upper side, the first resistance is likely to be just above the triangle’s apex at $0.00002918. This could trigger bullishness that could see the price rise further to $0.00003213. Beyond that point, the next resistance will be near the ATH at $0.00003572.
On the other hand, the MACD signal line has just gone above the MACD line, which signals bearishness. In light of this, a sharper downtrend looks likely, with the support at $0.00002060.