Shiba Inu (SHIB) awards rose on April 12 on its debut on Robinhood, a US-based commission-free trading platform.
SHIB price climbed more than 35% to 0.00003, its highest level in almost two months, before some gains mating. However, SHIB was still on track to record its best daily performance since February. 6 when it rallyed by almost 27%.
Strong Crypto Revenue precedes SHIB’s listing
Robinhood has emerged as a go-to avenue for day-to-day investors since the start of the pandemic in March 2020. Last year, the retail brokerage added 10 million funded accounts to its platform, with more than half of the new sign-ups coming of first-time investors.
However, it reported a net loss of $ 423 million in its fourth quarter revenue in 2021, noting that its main source of revenue (order stream payments) was $ 263 million compared to $ 267 million in the same quarter last year. .
Meanwhile, revenue from cryptocurrency trading rose more than 300% over the same period, putting Robinhood on track to introduce more crypto-related services by 2022, including a stock exchange and the addition of more altcoins and meme tokens to its brokerage platform .
David Gokhstein, the founder of Gokhshtein Media, sei The addition of SHIB to Robinhood is “a great thing” for the crypto space, noting that the cryptocurrency could help drive more users to other top currencies like Bitcoin (BTC) and Ether (ETH).
With the $ SHIB listing on Robinhood, I look at the other meme tokens To see if they move.
– David Gokhshtein (@davidgokhshtein) April 12, 2022
What’s next for Shiba Inu?
The events leading up to Shiba Inu’s massive intraday rally also include a period of strong accumulation, data from IntoTheBlock show.
The analytical platform noted that the address with SHIB has been increasing its balance sheet for more than a year over the past 30 days. As a result, these “hodlers” now control over 2.82% of the net SHIB supply in circulation.
Diamond Hands win$ SHIB Hodlers remain unfazed and collected in recent weeks and it pays off with today’s Robinhood announcement
Addresses with SHIB> 1 year increased their balance by 57% in just 30 days
– They now hold 2.82% of the supplyhttps: //t.co/zAGHgiM8Qo pic.twitter.com/iwkGVVzMx9
– IntoTheBlock (@intotheblock) April 12, 2022
From a technical perspective, however, Shiba Inu continues to receive threats from its prevailing bearish continuation pattern.
Related: Robinhood rolls out wallets to 2M waiting list users, plans to integrate Lightning
Notably, SHIB has been consolidating into a so-called symmetrical triangle since late December 2021. It formed the pattern after falling with almost 70% decline from its October 2021 high of $ 0.00008894.
As a general technical trading rule, SHIB must now break below its triangle to resume its bearish trend.
If SHIB falls below the bottom trend line of the triangle, its next disadvantage at length is equal to the maximum distance between the top and bottom trend line of the pattern, as measured from the breakout point.
This bearish scenario sets the target for Shiba Inu below $ 0.00001200, down over 50% of the current price.
The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you need to do your own research when making a decision.