SHIB is one of the top performing cryptocurrencies among the top 100, beating other memecoins like Dogecoin in the last week.
Recent listings on LBank and bitcoin.com.au, along with futures contracts on Binance and LBank, are credited for the surge.
LBank listed SHIB and BONE (Shiba Inu's governance token) with futures contracts allowing up to 50x leverage.
Binance also launched a USDC-margined "1000SHIB" perpetual contract with 50x leverage, starting March 28th.
SHIB is consolidating above $0.00003 with bullish sentiment, and potential for further upward movement if this resistance breaks.
Shiba Inu has emerged as one of the best-performing assets overall, among the top 100 cryptocurrencies by market cap.
We are currently seeing SHIB beatinf other memecoins like Dogecoin, PEPE and even WIF on the daily timeframes, coupled with an impressive 20% rally over the last week.
Shiba Inu
Here's an explainer for SHIB's impressive rally over the last week, and more importantly, all the reasons why we might see this rally spill over into the coming week—for SHIB and for BONE.
Between Tuesday and Wednesday this week, Shiba Inu climbed up by an impressive 11%.
But why is this important?
It turns out that this rally coincided with the recent announcement of listings for SHIB and for BONE (the governance token of the Shiba Inu ecosystem) on LBank, a leading crypto exchange.
LBank’s SHIB and BONE listing
LBank’s Strategic Listing for SHIB also introduced a new futures listing for BONE, allowing traders to buy or sell the governance token via futures contracts, with up to 50x leverage.
The LBank listing comes at the heels of Binance’s most recent announcement, which featured the launch of a USDC-margined “1000SHIB” perpetual contract.
Just like the BONE listing on LBank, Binance’s announcement means that traders can now trade 1000 SHIB under futures, with up to 50x leverage.
Shiba Inu’s price action
According to Binance’s announcement, this contract is scheduled to go live on Thursday 28 March at 7:00 a.m. (UTC), with Shiba Inu (1000SHIB) as the underlying asset and USDC as the settlement asset.
As if the listings on LBank and Binance weren’t enough, Shiba Inu also scored a spot on bitcoin.com.au, an Australian crypto exchange.
This listing came around earlier in the week, around 25 March, allowing Australian users to easily buy SHIB directly from the exchange.
This has further solidified SHIB's hold in Australia, as well as its presence in the global crypto market.
According to the charts, we can see how impressive SHIB has been considering its recovery and rebound from $0.000024 as shown below:
The cryptocurrency appears to be hovering pretty easily above this support while being held up by its 25-day exponential moving average (red line).
We should also mention that there is a semi-strong resistance somewhere around $0.00003 which is likely causing the memecoin’s current consolidation.
Investors can expect SHIB to sit above this price level for a while, consolidating above and below $0.00003.
However, if we do see a strong break and close above this resistance, we are bound to see SHIB continue further upwards and retest the $0.00004 resistance.
Overall, the verdict on SHIB is bullish, and will only become bearish if, for some reason, we see a break below $0.000024.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.