Shiba Inu (SHIB), a cryptocurrency meme inspired by Dogecoin, has become one of the leaders in the traditional and cryptocurrency markets, entering a new weekly session as the price is currently more than 30% higher than the weekly price.
Chip’s share price hit $ 0.00005155 on Tuesday after returning from tech support around $ 0.0003560 earlier this week. The drop signals a change in trend, especially after broader market sales last week fueled by concerns over a new COVID-19 strain called Omicron.
Bullish Catalysts for Chip Stock Price
The core of Shiba Inu’s growth has been US-based cryptocurrency exchange Kraken, which announced on Monday that it will actively allow SHIB trading on its platform from November 30. However, Kraken clarified that it will not offer SHIB futures and margin trading services.
Additionally, earlier this week, the Shiba Inu received bullish signals from a broader recovery in major digital assets including Bitcoin (BTC) and Ether (ETH). Bitcoin is up more than $ 3,000 from a Nov 26 low of around $ 53,500 – the day the Omicron option caused turmoil in traditional and crypto markets.
Correlation between SHIB / USDT and BTC / USD on the daily price chart. Source: TradingView
Meanwhile, Ether, which has a higher degree of positive correlation with Bitcoin, has grown from about $ 3,900 to about $ 4,500 over the same period.
Market catalysts helped boost Internet searches for the keyword “shiba inu,” according to Google Trends data over a seven-day period. This coincided with an increase in Internet searches for the keyword ‘SHIB’, which confirmed a resurgence of interest in retail cryptocurrency this week.
Restored SHIB search. Source: Google Trends.
Technical details of the shipping price schedule
The recent failure of the Shiba Inu has also triggered a bull flag, according to which the price of each token is estimated at about $ 0,000100,000.
Daily SHIB / USDT price chart with bullflag setting. Source: TradingView
In particular, the SHIB price broke the upper trendline of the flag, which was accompanied by an increase in intraday trading volumes. Traders are usually asked to move the profit target to a level equal in length to the height of the previous trend.
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At the same time, SHIB also confirmed a breakout of the Falling Wedge pattern, which is a bullish reversal indicator as shown in the chart below.
The daily chart of the SHIB / USDT price is in the form of a falling wedge. Source: TradingView
The wedge pattern profit target can be found at a length equal to the maximum distance between the upper and lower trendlines, about $ 0.0003053 above the breakout point, i.e. about $ 0.000750000.