SHIB Price Looks for a Breakout As Robinhood Push Intensifies

SHIB price was marginally down in early trading on Tuesday, losing 0.6% in 24 hours as the token struggled to make the most out of a social media buzz and an online petition to get it listed on Robinhood.  

Push to list on Robinhood

Sources report that Robinhood will soon list Shiba Inu’s SHIB currency. So, what’s the big deal about the SHIB currency being listed on Robinhood? Retail investors looking to acquire exposure to well-known crypto names continue to use the brokerage platform in droves. SHIB’s price is expected to rise in response to a positive action by Robinhood towards the petition. This increases the possibility of a bull run in coming days. 

We should remember that Dogecoin investors often turn to Robinhood as their go-to site. During the meme stock craze of 2020, the trading app became popular, and Dogecoin rose to prominence as a result. Holders of SHIB tokens are therefore eager to get in on the fun. The community has asked Robinhood’s leaders to think about including Shiba Inu on the platform so that users of the trading app can trade the meme coin as well.

Meanwhile, statistics tracking website Santiment has seen a spike in SHIB coin whale transactions exceeding $100,000 in the last 48 hours, which is normally a bullish signal for SHIB.

Technical analysis for SHIB price

SHIB/USD has been trading in a tight range over the past week and will have to break past 0.00003057 to free itself from the range. Despite the tight trading margin, the RSI has remained above 60 for the past one week and is currently at 67. This depicts a strong buyer interest in the asset.

If the market momentum grows further, SHIB price could break outside the range to encounter the first resistance at 0.00003057 and the second one further up the ascending channel at 0.00003298. Beyond that point, the asset will look to retest the ATH at 0.0003572. On the lower side, the first support looks likely to be established at 0.00002781 and the second one just outside the lower end of the ascending channel at 0.00002277.

Shiba Inu daily price chart