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With Shiba Inu (SHIB)’s debut in the U.S.-based commission-free trading platform, Robinhood its’s price increased.
SHIB price reached 0.00003, increasing by 35%, its highest in around two months, after which it cut down on some gain. Even after that SHIB was still going on a good path to reach its best daily performance since Feb. 6 when it rose by almost 27%.
Gokhshtein Media Founder Says SHIB Is A Great Thing For Robinhood
Since the advent of the pandemic in March 2020, Robinhood has become an everyday investor’s go-to platform. The company has added 10 million funded accounts to its platform. Interestingly, half of the new sign-ups are from investors who are investing for the first time.
Despite that, it has experienced a net loss of $423 million in its 2021 fourth-quarter earnings. It made $263 million through payments for order flow, its main source of revenue, in comparison to $267 million made last year in the same quarter.
In the meantime, the revenue collected through cryptocurrency trading soared by more than 300% in the same period. This move pushed Robinhood to bring more services related to cryptocurrencies, including the addition of more meme tokens and altcoins to its brokerage platform.
Founder of Gokhshtein Media, Gokhshtein Media pointed out the fact that the debut of SHIB on Robinhood is an excellent thing for the crypto sphere, pointing out the fact that cryptocurrency can attract more users to leading crypto-assets like Bitcoin(BTC) and Ether(ETH).
Where Could Shiba Inu(SHIB) Go From Here?
According to the data from IntoTheBlock, a phase of massive accumulation was among the circumstances that led up to the huge intraday rally.
The platform also revealed that in the last 30 days, the address holding SHIB for over a year has increased its balance. Now, as a consequence of it, these “hodlers” have control of more than 2.82% of the net SHIB supply in circulation.
Shiba Inu is constantly facing danger from its current bearish continuation pattern, if we look at things from the technical side.
It is witnessed that since late December, SHIB is consolidating inside a so-called symmetrical triangle. After dropping 70% from its October 2021 high of $0.00008894, it formed its current pattern.
SHIB is now expected to break below its triangle in order to continue its bearish trend considering the general technical trading rule.
In case SHIB follows that rule and falls below the lower trendline of the triangle, then the length equal to the maximum distance between the pattern’s upper and lower trendline will be its next downside target when measured from the breakout point.
The bearish trend has placed the target for Shiba Inu below $0.00001200, a drop of more than 50% from the price recorded on April 12th.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
