The Shiba Inu price bounced back from its record lows after Coinbase announced that it will add the coin to its Pro program. SHIB jumped by more than 30% to $0.0000098, which was 80% above its lowest level this month. Other rapidly-rising cryptocurrencies like Chiliz, Polkadot, and Keep Network were also added.
Shiba Inu Coinbase Pro addition
Coinbase is one of the leading cryptocurrency exchanges in the world. It recently went public in New York and is now valued at more than $48 billion. It has more than 56 million users from around the world. It also has more than 8,0000 institutional clients.
Therefore, it is always a big deal for cryptocurrencies after they get listed in its Pro segment. This is a segment that is usually targeted towards institutional and professional traders. As such, it was big news when the company announced that it would list Shiba Inu in its platform since it validated the coin. This was also notable since the coin is barely two months old.
However, in the long term, the listing by Coinbase Pro does not guarantee success. For example, recently, the Dogecoin price surged after the company listed it on the pro platform. However, recently, the coin has already erased some of those gains and is currently in a tight range.
Similarly, as you can recall, Bitcoin price rose sharply in 2017 after CME and CBOE listed it. However, the price crashed a few weeks later. Still, Shiba Inu has something that Bitcoin lacked then: Shiba Army. Shiba Army is a group of online users who are passionate about the coin. At a time of rising meme stocks, we can’t rule out a situation where the coin keeps rising.
Shiba Inu price prediction
The two-hour chart shows that the SHIB price bounced back after being listed by Coinbase Pro. The coin has managed to move above the short and longer-term moving averages. Also, it seems like it has formed an inverse head and shoulders pattern. It also seems to be forming a bullish flag pattern that is shown in blue. In price action, this pattern is usually a bullish signal.
Therefore, in my view, I suspect that the Shiba Inu will bounce back as the Shiba Army returns. This could see it rise to $0.00001. However, like we saw in Dogecoin, the price will then retreat as the momentum fades.