- Shiba Inu stock surged more than 47% within hours after Coinbase Pro revealed that it would add support for the project.
- If SHIB continues to benefit from the so-called “Coinbase effect”, it may be poised to make further gains.
- Prices may target $0.0000911 if buying pressure accelerates.
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Shiba Inu enjoyed a crowd after Coinbase Pro revealed that it will list the token on its platform. Ship’s stock jumped 47%.
Shiba Inu is listed on Coinbase Pro
Meme coin on Shiba Inu has garnered quite a bit of attention from retail investors over the past few months, as Coinbase Pro’s recent listing fueled the asset’s rally.
SHIB stock jumped this week to become number 54 among the largest cryptocurrencies by market capitalization.
Coinbase announced that it has acquired Maybe Incoming transfers of SHIB before it is available for trading on Wednesday. The trading platform said in a tweet that “once the liquidity conditions are met,” Shiba Inu will be available for trading against the US Dollar and Tether (USDT) on September 9.
After the announcement, the price of Shiba Inu skyrocketed. The meme coin is up over 47%, moving from a low of $0.00000555 to a high of $0.0000820 in just a few hours. Although SHIB stock is down nearly 14% since the peak, more buying pressure could push prices higher.
From a technical perspective, Shiba Inu appears to be contained in a parallel channel. Every time SHIB has risen to the upper or middle boundary of the channel since June 5, a rejection occurs, pushing prices to the lower edge. From this point on, it tends to bounce, which is consistent with the characteristics of the channel.
SHIB recently rebounded from the channel’s lower trendline. If the price action seen over the past month is to repeat, it may cross the channel’s middle trend line towards the upper edge at $0.0000911.
Turning this large resistance barrier into support would signal a breakout of the consolidation pattern, leading to a 36% rally to $0.0001238.
It is worth noting that in order to validate the bullish outlook, Shiba Inu should not lose $0.0000582 as support. A decisive close below this demand wall could result in a 36% correction instead. The width of the parallel channel indicates a downside target of $0.00000263 if support is lost.
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