Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, has become one of the top performers in traditional and cryptocurrency markets upon entering the new weekly session, as its price has risen more than 30% since the week. till the date.
SHIB price hit $ 0.00005155 on Tuesday after rebounding from its technical support near $ 0.00003560 earlier this week. Its rebound marked a change in trend, especially after last week’s market sell-off, prompted by concerns related to the new COVID-19 strain, dubbed Omicron.
Bullish catalysts for SHIB price
At the core of Shiba Inu’s bullish pullback was Kraken, a US-based cryptocurrency exchange that announced on Monday that it would effectively allow SHIB trading on its platform as of November 30. However, Kraken clarified that it would not offer SHIB futures and margin trading services.
➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0
– Kraken Exchange (@krakenfx) November 29, 2021
Additionally, earlier this week, Shiba Inu received bullish signals of a broader rally in major digital assets including Bitcoin (BTC) and Ether (ETH). Bitcoin rallied by more than $ 3,000 from its Nov. 26 low near $ 53,500, the day the Omicron variant caused turmoil in both traditional and crypto markets.
Meanwhile, Ether, which has a higher degree of positive correlation with Bitcoin, rose from almost $ 3,900 to around $ 4,500 in the same period.
Market catalysts helped drive Internet searches for the keyword “Shiba Inu”, Google Trends data was displayed over a seven-day time period. That coincided with an increase in internet queries for the keyword “SHIB,” underscoring the recovery of retail interest in the cryptocurrency this week.
SHIB price chart technical data
Shiba Inu’s latest bounce also triggered a bullish flag pattern that projects its price per token at around $ 0.00010000.
In detail, SHIB price surpassed the upper trend line of the flag, accompanied by an increase in intraday trading volumes. Usually this prompts traders to change their profit target to a level that is largely equal to the height of the previous uptrend.
Simultaneously, SHIB also confirmed the breakout of a descending wedge pattern, a bullish reversal indicator, as shown in the chart below.
The target for the wedge pattern profit reserve can be found at a length equal to the maximum distance between its upper and lower trend line, around $ 0.00003053 above the breakout point, that is, around $ 0.00007500.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves a risk, you must do your own research when making a decision.