Shiba Inu price rises after Robinhood's add to app: What's next for the memecoin?

Shiba Inu price rises after Robinhood's add to app: What's next for the memecoin?

Shiba Inu price rises after Robinhood's add to app

Traders on both sides are duped by the Shiba Inu price in the wake of Robinhood's launch. In the coming weeks, the SHIB price is likely to experience choppy range-bound price action.

Following the Robinhood listing, the Shiba Inu price has been erratic, forcing analysts to revise their outlook on the popular meme coin. Today, the SHIB price invalidated last week's bullish count by hitting lows of $0.0002262 before reversing 30 percent to snag liquidity in the upper levels at $0.00002740. With such volatile behavior and a lack of discernible chart patterns, a long-term range is likely to be employed.

After a massive $1,000 percent rally in 2021, the Shiba Inu price has been in a long-term consolidation. Market makers may be using the volatile price fluctuations to entice traders to open a position on the digital asset. However, there is insufficient evidence in the volume profile to project a directional bias. The Relative Strength Index also shows a lack of confluence in either direction for the trend.

Traders should wait for more evidence from the 2-day and weekly charts to determine when the forming triangle's B wave is complete. Analysts have labeled the SHIB price as range bound and unfavorable until further notice because C waves within triangles are typically complex and time-consuming.

Other cryptocurrencies also impacted

Solana (SOL), a high-flying Ethereum competitor, Ethereum scaling technology Polygon (MATIC), and the original decentralized finance token Compound are among the new offerings (COMP).

However, each of these tokens has struggled in 2022, with SHIB leading the pack with a year-to-date loss of only 17%. COMP, SOL, and MATIC have all dropped by around 40%. Bitcoin, on the other hand, is only down 15% year to date, and it actually broke even last week before sinking again.