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    Home » Price Analysis » Shiba Inu Price Analysis: Following the Robinhood News, Here’s The Next Target for SHIB

    Shiba Inu Price Analysis: Following the Robinhood News, Here’s The Next Target for SHIB

    Author: Duo Nine

    Last Updated Apr 16, 2022 @ 16:51

    Despite Shiba Inu (SHIB) being listed on Robinhood, the price failed to break the key resistance.

    Key Support level: $0.000023

    Key Resistance levels: $0.000028

    SHIB went through a massive spike once the news of it being listed on Robinhood broke out. Despite the 35% surge, the cryptocurrency quickly returned under the key resistance at $0.000028, failing to convert this news into a sustained rally. The support at $0.000023 continues to hold since March.

    SHIBUSDT_2022-04-16_17-08-12
    Chart by TradingView

    Technical Indicators

    Trading Volume: The volume exploded last Tuesday as the news broke out but could not be sustained. The initial hype faded, and now the price is back to its usual levels.

    RSI: The daily RSI continues to hover around its mid-level point at 50. This indicates a flat trend without much direction, despite a sharp attempt by buyers to take Shiba higher.

    MACD: The daily MACD did a bullish cross during the news about Robinhood, but that seems to have been a misleading signal as now the moving averages appear close to flipping bearish again.

    SHIBUSDT_2022-04-16_17-08-37
    Chart by TradingView

    Bias

    The bias on SHIB is neutral.

    Short-Term Prediction for SHIB Price

    Even if SHIB has been listed on Robinhood, sustained demand is simply not there yet, and holders have to be prepared for more sideways price action. The current trend is neutral, and SHIB’s price can take in either direction from here.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Shiba Inu (SHIB)
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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