Shiba Ino jumps 35% in one day; What’s the next move?

Although the price of Sheiba Ino rose by more than 35% yesterday, there is a downward pattern on the chart of this digital currency that if it works properly, the price may continue to fall by 50%.

According to the Kevin Telegraph, the price has risen since Shiba Ino was launched on April 12 (April 23) on a popular US trading platform called Robinhood.

On this day, the price of Shiba Ino rose by more than 35% and reached its two-month high of $ 0.00003. Of course, this honeymoon has already lost some of its growth and reached the $ 0.000027 range. However, yesterday, with a growth of about 27%, Shiba Inou managed to show his best daily performance since February 6 (February 6, 1400).

Shiba Ino jumps 35% in one day;  What's the next move?
Daily chart of the price of Sheiba Ino in dollars.

Since the outbreak of the Crown Virus epidemic in March 2020, the Robin Hood platform has provided excellent services to novice investors. Last year alone, 10 million new investment accounts were added to the brokerage company, and in the meantime, more than half of the new participants in the platform were those who want to enter the investment world for the first time.

Despite this reception, the net loss of Robin Hood in the fourth quarter of 2021 reached 423 million dollars. However, the company later explained that its main source of revenue, the commission it receives from its customers for transferring transactions to stock markets, was about $ 263 million in the fourth quarter of 2021, compared to $ 267 million in the fourth quarter. in 2020. He hasn’t done much.

Meanwhile, the platform’s revenue from digital currency trading grew by more than 300 percent from the fourth quarter of 2020 to the fourth quarter of 2021. As a result, Robin Hood decided to offer more digital currency services in 2022. Launch of a portfolio and adding new coins and memes to the platform are some of the things that have been done so far.

David Hochstein, founder of Gokhshtein Media, says adding Shiba Ino to Robin Hood is a great thing for the digital currency industry. According to him, Shiba Ino can lead more users to superior digital currencies such as Bitcoin and Atrium.

He said:

When Shiba Ino arrived in Robin Hood, I watched other quinces to see if they were growing.

What is Shiba Inou’s next move?

According to data from the analytical website IntoTheBlock, another factor that contributed to the rapid growth of Shiba Ino is the strong period of accumulation.

According to the website, the addresses that Sheba Ino has held for more than a year have increased their inventory in the last 30 days. As a result, it can be said that these “holders” now control more than 2.82% of the net supply of this digital currency.

The analytical company wrote on Twitter:

Investors who take high risks win the market. Shiba Ino owners have not been worried in the last few weeks and continue to accumulate. The result of their patience came with the arrival of this digital currency on the trading platform Robin Hood. Portfolios held for more than a year have increased their existing stocks by 57% in the last 30 days. These people currently own 2.83% of Shiba Ino’s supplies.

Shiba Ino jumps 35% in one day;  What's the next move?
Graphic changes in the share of addresses generated for more than a year.

However, there is a steady downward pattern in Shiba Ino’s price chart, which could lead to the collapse of this digital currency.

It is worth mentioning that the price of Shiba Ino has stabilized since December 2021 (December 1400) in a model called a symmetrical triangle. This model was created when the price of this digital currency fell from a peak of $ 0.0000888894 in October 2021 (October 1400) and fell by more than 70%.

It is worth noting that if Shiba Inu breaks the support of this triangle and reaches below it, the downward trend is likely to resume.

Shiba Ino jumps 35% in one day;  What's the next move?
Shiba Ino daily price chart with symmetrical triangular pattern.

If the slope reaches below the bottom trend line of the triangle, its next target will be measured from the breaking point by calculating the maximum distance between the top and bottom trend lines of this model. This bearish scenario shows that Sheiba’s target is somewhere below $ 0.00001200, which is 50% lower than its current price.

After a 35% jump on Shiba Ino in one day; What’s the next move? appeared first for currency.

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