Altcoins

Coinbase Pro list Shiba Inu ! Is the Dead Cat Bounce Underway For SHIB Price?

Coinbase To list Shiba Inu

The price of Shiba Inu cryptocurrency got a boost Tuesday after Coinbase announced that the meme crypto will start trading on Coinbase Pro as early as this week. 

The main catalyst that could pump prices now is the petition to list Shib Inu on Coinbase Pro. Lately, the petition has gained immense traction. It is now the top signed petitions on change.org with 35000 signs. 

As Per the Platform

Once sufficient supply of the Shiba Inu cryptocurrency is established on the Coinbase Pro platform, trading of SHIB-USD and SHIB-USDT order books will launch in three phases, post-only, limit-only and full trading, the company detaile

Shib’s predecessor DOGE price gained great support after the listing. Will SHIB Price follow Doge’s growth trajectory is to be looked out for.

Shiba Inu price got some boost earlier this week when it was announced that its developers are aiming to build a new decentralized exchange (DEX) aiming to increase liquidity and trading volumes. Officially, the DEX is still being tested, but there is a buzz on social media that it is fully working and will be launched soon.

SHIB Price Analysis

The price of the Shiba Inu cryptocurrency jumped over 30% around the time of the Coinbase announcement. Currently, Shiba Inu is trying to settle above the major resistance level at $0.000008 which has previously served as support. A move above this level will show that Shiba Inu managed to recover from the recent sell-off and is ready to develop additional upside momentum.

In this case, Shiba Inu will move towards the next resistance level at $0.000009.  A successful test of this resistance level will open the way to the test of the resistance which is located at $0.000010. In case Shiba Inu manages to settle above the resistance at $0.000010, it will head towards the next resistance level at $0.000012.

On the support side, The token must maintain above the $0.000007 level to have a chance to develop downside momentum in the near term. The next support level is located at $0.0000063. If Shiba Inu declines below this level, it will head towards the next support at the recent lows at $0.0000055.

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Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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