Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery


  • Kraken recently announced that it will start supporting the trading of meme token Shiba Inu.
  • Deposits are now live, and SHIB trading is expected to commence on November 30.
  • Shiba Inu price escaped above a crucial resistance barrier and is preparing for a major rally.

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

Shiba Inu supporters garner a new listing

Shiba Inu, the Ethereum-based meme-inspired cryptocurrency is expected to begin trading on November 30. Kraken will make trading the token’s trading pairs against the US dollar and euro available on the platform, with an order minimum of 50,000 SHIB.

The exchange has noted a price precision of eight decimal points and a quantity precision of 5 decimal places for Shiba Inu. Kraken added that SHIB margin and futures trading will not be available for users.

Deposits for Shiba Inu are now live and require 20 confirmations, which takes approximately five minutes. Users will face a minimum deposit requirement of 373,000 SHIB.

Kraken has been hinting at the possibility of adding Shiba Inu on its platform since November 1. In a tweet, the exchange said that if it accumulates 2,000 likes, the firm will list SHIB the next day. However, the memecoin's supporters delivered over 45,000 likes within 24 hours but Kraken failed to deliver on its promise the following day.

At the time, the crypto exchange explained that there was “more work” for the firm to do as it moves through its listing review process.

Shiba Inu price jumped by nearly 20% on November 29 as Kraken revealed the new listing.

Shiba Inu price eyes 42% ascent

Shiba Inu price sliced above a critical resistance trend line and appears to be preparing for a 42% upswing. 

On the 12-hour chart, Shiba Inu price has formed a falling wedge pattern, suggesting a bullish outlook for SHIB. The prevailing chart pattern is suggesting a measured move of a 42% climb, targeting $0.00006363, coinciding with the 61.8% Fibonacci retracement level.

Since Shiba Inu price broke above the upper boundary of the governing technical pattern, the optimistic target is now on the radar. The next obstacle for SHIB to tackle is at the 100 twelve-hour Simple Moving Average (SMA) at $0.00004603, then at the 50 twelve-hour SMA and 38.2% Fibonacci retracement level at $0.00004819. 

SHIB must also reclaim the 50% retracement level at $0.00005591 before the bullish target could be reached.

SHIBUSDT

SHIB/USDT 12-hour chart

On the flip side, if Shiba Inu faces increased selling pressure, SHIB may fall below the topside trend line of the falling wedge at $0.00004384 to find the nearest support at the 21 twelve-hour SMA at $0.00004182. Additional support will emerge at the 23.6% Fibonacci retracement level at $0.00003864.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis

BTC

ETH

XRP