Shiba Inu has outperformed the rest of the crypto market during the past 24 hours. The meme coin has rallied by double-digit gains because of a recent listing on the Robinhood trading app.
At the time of writing, Shiba Inu was trading at $0.0000275 according to CoinGecko, having rallied by nearly 20%.
Shiba Inu creates a strong bullish flag
Despite weak market support, SHIB created a strong bullish sentiment during the past 24 hours. Buying pressure is currently high from short-term traders taking advantage of the current bulls, giving the meme coin a high chance of creating new highs.
SHIB shows strong signs of reaching the $0.000028 levels again if the buying pressure holds. The meme coin had reached these levels during the past 24 hours, but it failed to hold.
If it breaks past this resistance, the other crucial level will be $0.000030. Hitting these levels could create an even stronger bullish flag for the meme coin as traders attempt to create a similar rally to the one last year. This will take the meme coin towards the $0.000045 levels.
The recent SHIB bulls have been attributed to the listing of the meme coin on the Robinhood exchange. The SHIB community has been pushing for the token to be listed on this exchange, and the listing was a piece of good news to the community. Robinhood is also popular with retail trading, and the recent listing will make the meme coin more accessible to short-term traders.
Shiba Inu price correction
The current SHIB gains are solely attributed to the “Robinhood effect”. New listings tend to trigger major price rallies, but such rallies are usually short-lived. Shiba Inu has failed to hold the $0.000028 resistance level, which signals further dips for the meme coin.
If the short-term traders taking advantage of the short-term volatility decide to dump the meme token, the prices will head towards a slump, and SHIB will test the lower support levels at $0.000025. The market support is currently weak, and SHIB could slump further toward the lower levels of $0.000022. A strong bearish sentiment could also take SHIB to $0.0000149.
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