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Shiba Inu (SHIB) up 35 percent: Robinhood listing is having an impact

 


Shiba Inu ( SHIB ) price was up quite sharply on April 12 on US trading platform Robinhood.


SHIB climbed over 35 percent to $0.00003, its highest level in almost two months. Then he corrected slightly. Nonetheless, SHIB is on track to post its best intraday performance since Feb. 6, when it was up almost 27 percent.

Strong crypto earnings ahead of SHIB listing

Robinhood has become very popular with ordinary investors since the pandemic began in March 2020. Last year, 10 million new accounts were registered on the trading platform. More than half of the new registrations were first-time investors.


Still, the platform reported a net loss of $423 million in its 2021 fourth quarter earnings . It said its primary source of revenue (order flow payments) was $263 million compared to $267 million in the same quarter last year.


Meanwhile, cryptocurrency trading revenue increased by over 300 percent over the same period. Robinhood could therefore launch other crypto-related services in 2022, including a wallet and expanding its brokerage platform to include more altcoins and meme tokens.


David Gokhstein, the founder of Gokhshtein Media, said that adding SHIB to Robinhood is "a great thing" for the crypto space. He further explained that the cryptocurrency could lead to more users coming to other top coins like Bitcoin ( BTC ) and Ether ( ETH ).



What's next for Shiba Inu?

Among other things, a period of heavy accumulation has also led to Shiba Inu's massive intraday rally , data from IntoTheBlock shows.


The analytics platform explained that an address that has held SHIB for more than a year has also continued to buy in the last 30 days. As a result, these "hodlers" now own 2.82 percent of the outstanding SHIB supply.



However, a bearish continuation pattern still exists for Shiba Inu.


SHIB has been within a symmetrical triangle since late December 2021. This pattern formed after falling nearly 70 percent from its October 2021 peak of $0.00008894.


Historically on this pattern, SHIB should now break below the triangle and resume the downtrend.


On a break below the triangle's lower trendline, SHIB will fall by the maximum distance between the pattern's upper and lower trendlines, measured from the breakout point.


In this scenario, the Shiba Inu target would be below $0.00001200. That would represent a drop of over 50 percent from April 12 levels.

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