Shiba Inu [SHIB] Fetches 26% Gains After Kraken listing

Shiba Inu [SHIB] made a breakthrough after Kraken’s most-anticipated listing. The popular meme coin rose by a whopping 26% over the past 24-hours and currently exchanged hands at $0.000049.

Kraken’s official announcement, Shiba Inu trading is set to begin from the 30th of November. Initially, the crypto-asset will be tradeable against the USD and Euro pairs.  However, Kraken Futures and Margin Trading for the asset won’t be available at launch.

New Listing on Kraken: @Shibtoken 🐶$SHIB deposits begin NOW! Trading is live November 30.

➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0

— Kraken Exchange (@krakenfx) November 29, 2021

The move comes after the exchange promised to list the token earlier this month. However, as Wealth Growth Insights reported, Kraken failed to do so, which triggered an uproar from the “SHIB Army.” Following this, the platform had asserted undergoing a comprehensive review of its token listing process. Other platforms have been hesitant to list the viral altcoin due to regulatory concerns. Robinhood, for one, had avoided the listing of SHIB citing “tense” regulatory situation. 

Nevertheless, SHIB has responded swiftly and strongly to the news. And things have been looking up. So much so, that the asset climbed to the 11th position once again as it outpace Avalanche [AVAX]. At the time of writing, it recorded a market cap stood at $26.35 billion with a 24-hour trading volume of $6.81 billion.

A promising trend for Shiba Inu [SHIB]

The latest bullish march has invalidated the weekly losses. If the rally is sustained, SHIB could establish a new peak soon.

SHIB managed to outpace the 50 moving average [Pink] and the 100 moving average [Blue] which is good sign for the token holders. Even as the price failed to leap beyond the 200 moving average [Yellow], the asset surpassed a crucial resistance level. The spike in trading volume may act as another catalyst in the asset’s growth. 

The diverging Bollinger Bands [BB] depicted an uptick in volatility which can strengthen the ongoing trend. The rising MACD above the half line also indicated a bullish phase. The sellers have taken a back seat as the Relative Strength Index [RSI] surged past the overbought zone further accentuating the bullish narrative. 

In the following days, SHIB could see a period of high volatility in price action. If it reclaims $0.000052, the asset would confirm the bullish thesis. In such a case, the resistance areas of $0.000063 and $0.000072 will come into play.