SHIB price set yet another new high on Wednesday, rising by 20% in 24 hours to hit $0.00005951. After spending two weeks in a range following its hockey stick pattern rise up the crypto market valuation chart, SHIB is on a 5-day near-vertical uptrend. At the time of writing, Shiba Inu is the 11th most valuable cryptocurrency. Its market valuation has risen to $23 billion. With that valuation, SHIB coin is just two places below its pacesetter, Dogecoin.
Too important to ignore
SHIB coin has experienced a stratospheric rise in recent weeks. That has seen it go from a nondescript meme coin to a contender to the top 10 crypto market valuation listing. Shiba Inu has therefore proven too important to ignore.
More than 320,000 people have signed a Change.org petition requesting Robinhood to include Shiba Inu in its tradable assets list. The calls seem to have finally got the attention of Robinhood CEO Vlad Tenev. Speaking yesterday during the company’s earnings call on Tuesday, Vlad stated that the company is “carefully” evaluating adding new coins to its service.
Should the listing by Robinhood materialize, it is very likely that Shiba Inu will rise even further over the next few days. Considering that it has largely outperformed Dogecoin and coupled with Robinhood’s share price struggles in recent days, it is highly probable that Robinhood will cave in soon.
Technical analysis for SHIB price
SHIB price is on an uptrend and the price pattern has formed a near-vertical channel, with the long-term support at $0.00002781, as shown on the chart below. The current uptrend is driven by a strong momentum, signaled by an RSI indicator that has hit 85. In the near-term, the new ATH will serve as the resistance level. Therefore, any uptrend is likely to encounter resistance at $0.00005444.
With the RSI at 87, it signals that the token has been overbought. This could lead to the weakening of the buying momentum, with the price sliding to find first support at $0.00004247 and the second support at $0.00003572.