Shiba Inu Trades Flatly Around $0.0000525 Despite Top Exchange Listings

Updated:

US-based crypto exchange Kraken has hinted at the possibility of listing Shiba Inu (SHIB) this week after making a similar tweet at the start of the month. The hint came from Kraken’s lead Product Manager Brian Hoffman who tweeted a Shiba Inu Gif with the caption “feeling good about this upcoming week.”

Meanwhile, the giant trading platform’s official Twitter handle tweeted on November 2 that if a particular tweet got up to 2,000 likes, it would list SHIB the next day. The following day, the said tweet had amassed over 80K and 4K retweets, but Kraken failed to keep to their word, leading many to believe that the tweet was just a publicity stunt.

However, after a few days, Kraken replied to the original tweet noting that they had heard the $SHIB community and that they had kickstarted their listing review process.

Kraken’s renewed SHIB listing hint comes a few days after another US-based giant cryptocurrency exchange, Gemini, listed Shiba Inu. The crypto exchange listed SHIB together with several other trending tokens. Meanwhile, other top crypto exchanges like Binance and Coinbase added more trading pairs for SHIB amid intense demand.

That said, many enthusiasts believe that the series of listings on top exchanges could trigger a new bull run for the meme coin.

Key Shiba Inu Levels to Watch — November 15

Despite the recent listing by Gemini and the proposed one by Kraken, SHIB continues to trade flatly around the $0.0000525 area. This comes amid a sustained flow along my three-week-long descending trendline, bolstered by our hourly 200 SMA.

SHIBUSD – 4-Hour Chart

However, our hourly 50 SMA continues to prop up the meme coin from bearish pressure. That said, SHIB needs to secure a clean break above the $0.0000535 – $0.0000550 resistance area to regain any semblance of upwards momentum. The eleventh-largest cryptocurrency needs to post an upward move soon or risk restriction along the descending trendline towards the $0.0000500 and lower in the coming hours and days.

Meanwhile, my resistance levels are $0.00005500, $0.00006000, and $0.00006500, and my support levels are $0.00005000, $0.00004500, and $0.00004200.

Total Market Capitalization: $2.87 trillion

Shiba Inu Market Capitalization: $29.6 billion

Shiba Inu Dominance: 1%

Market Rank: #11

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.