Onatibia believes that SHIB will be able to bounce back from the recent sell-offs. Although the crypto has made a staggering amount of gains in the past year, a steep pullback could come from current pricing levels. Moreover, the cryptocurrency is not backed by any fundamental quality, which could make it susceptible to further declines. Let’s take a look at the latest technical indicators and market dynamics.
During the recent market rebound, top cryptocurrencies such as Bitcoin and Ethereum have experienced a sell-off. Among the top 15 cryptocurrencies, only Cardano and Ethereum were up, while SHIB fell by 4.5%. However, this pullback is not unheard of. As of this writing, SHIB ETH is up 8.2% over the past week. Moreover, the currency has also recovered from several other sell-offs that have happened in the past.
SHIB is currently at its lifetime high of $15.9 billion, which is six per cent below its all-time high of $340. This makes it the fourteenth largest cryptocurrency by valuation. While Bitcoin remains the dominant asset in the market, other cryptocurrencies are catching attention. The two biggest names in the crypto world have already publicly announced their support for the shib. In addition to this, OKEx recently confirmed that SHIB ETH will be added to its exchange today.
The broader cryptocurrency markets have been on a tear lately. This has caused a sell-off in stocks and the market itself has begun to recover. Today, SHIB ETH has increased in value by around fifteen per cent, while doge tokens have risen by seven per cent. In the last 24 hours, the entire cryptocurrency market has recovered, although the dollar has continued to fall.
SHIB ETH is a popular altcoin and is slated to be listed on Robinhood. The price of SHIB ETH has risen over the weekend. The Shiba Inu will be listed on a major exchange in the near future, but the cryptocurrency has yet to be listed on the exchange yet. As such, the news is a catalyst for a huge recovery in the market.
SHIB ETH rallied after closing above the upper trendline of a falling wedge. A bullish breakout would be confirmed if SHIB closes above the upper trendline. A decisive move above the upper trendline of a falling symmetrical triangle would signal a bullish confirmation at $0.00003929. In addition, the gap between the lower and the upper trend lines would be the highest level since mid-January.