Shiba Inu Trades Choppy at $0.000056, Brace to Trade Symmetrical Triangle

Posted Tuesday, November 9, 2021 by
Arslan Butt • 2 min read

Shiba Inu (SHIB/USD) closed at $0.00005516 after hitting a high of $0.00005898 and a low of $0.00005282. SHIB/USD dropped on Monday for the third consecutive session and extended its losses despite several positive developments surrounding the cryptocurrency. Wealthsimple, a Canadian version of the popular commission-free trading platform Robinhood, has recently listed the meme-inspired cryptocurrency Shiba Inu. The 1.5 million users of this app can now trade, buy, and sell the coin.

Wealthsimple first started enabling its users to engage with cryptocurrencies in June 2020 with the launch of Wealthsimple.crypto. Initially, only BTC and ETH were available to trade on the platform, but in June of this year, it obtained approval from the Ontario Securities Commission to list 14 new cryptocurrencies, including Solana, Cardano, and Dogecoin.

SHIB/USD

A month ago, Wealthsimple added crypto-based ETFs to its retirement plans, and right after that, it listed SHIB on its platform. Just like Robinhood, the firm only allows users to buy, sell, and trade cryptocurrencies. However, Robinhood has not yet listed the SHIB token, despite the efforts of SHIB Army to get the token listed on the platform. This news from Wealthsimple added to the bullish rally of the SHIB token, although it remained under pressure amid sell-off and profit booking on Monday for the day.Furthermore, AMC Entertainment is exploring ways to add the SHIB token to the list of cryptocurrencies that it accepts as a payment method at its theaters. The company developers are busy adding code to support a group of coins, as the movie chain is gearing up to accept BTC, ETH, DOGE, and LTC for tickets and concessions in the coming months.

In late October, the company’s CEO, Adam Aron, polled his followers on Twitter about whether the company should take SHIB, and more than 150,000 votes were received in favor of the coin. 80% of the participants agreed to add SHIB to the list of cryptocurrencies that AMC accepts as payment. This news also triggered the recent bullish rally in the SHIB/USD token. Shiba Inu has been kicked out of the top ten cryptocurrencies by market cap, but it has entered another top-10 list: the top-10 most-watched coins on CoinMarketCap.

Shiba Inu Technical Outlook – Brace to Trade Symmetrical Triangle

On the technical front, the SHIB/USD is trading choppy at the 0.000056 level, maintaining a narrow trading range of 0.00006390-0.0000052 level. 0.00005565 is the pivot point.

On the bearish side, the breakout of the 0.0000052 support level can extend the selling trend until the 0.000044 level.

Conversely, a breakout of the 0.00006390 level exposes the Shiba Inu price towards the 0.00007490 level. As long the market is trading in this narrow range, we can expect choppy trades. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of