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

Although the price of Sheiba Ino rose 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%.

To Report The Kevin Telegraph has risen in price after Shiba Inoue was launched on April 12 on a popular American trading platform called Robinhood.

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

Since the start of the Corona 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, and in the meantime, more than half of the new entrants to the platform were those seeking to enter the investment world for the first time.

Despite this welcome, Robin Hood’s net loss in the fourth quarter of 2021 reached $ 423 million. 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, up from $ 267 million in the fourth quarter of 2020. He has not 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. Launching a wallet and adding new coins and memes to the platform are some of the things that have been done so far.

David Gokhstein, 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:

With the arrival of Shiba Ino at Robin Hood, I have been monitoring other Meem Quinns to see if they grow as well.

What is Shiba Inou’s next move?

According to data from the analytical website IntoTheBlock, another factor that has contributed to Shiba Ino’s rapid growth has been its strong accumulation period.

According to the website, the addresses that Sheba Ino has been holding 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 holders have not been anxious over the past few weeks and have continued to accumulate. The result of their patience came with the arrival of this digital currency on the Robin Hood trading platform. Wallets, which have been holding their own for more than a year, have increased their existing stock by 57% in the last 30 days. These people currently own 2.83% of Shiba Ino’s supply.

However, on the Shiba Ino price chart, there is a steady downward pattern that could lead to the collapse of this digital currency.

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

It is worth noting that if Shiba Inu breaks the support of this triangle and reaches below it, the downtrend will probably resume.

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