SHIB Showed a Muted Response to Bitstamp Listing News

Key Insights:

• This week, the world’s oldest exchange Bitstamp announced the listing of Shiba Inu Coin (SHIB).
• SHIB showed little reaction to the news, however, as bearish sentiment continued to grip the crypto market.
• Technical indicators are bearish, with SHIB sitting below the 50-day EMA.

On Tuesday, Shiba Inu Coin (SHIB) fell by 2.99%. Reversing a 2.31% gain from Monday, SHIB ended the day at $0.00001072.

A bearish start to the day saw SHIB slide to an early morning low of $0.0000102 before finding support.

SHIB fell through the First Major Support Level at $0.00001074 before striking a late intraday high of $0.0000118.

Falling short of the First Major Resistance Level at $0.00001138, SHIB fell back to end the day in the red.

While a broad-based crypto rebound delivered support, the new listing news failed to offset a bearish end to the day.

Crypto Exchange Bitstamp Lists Shiba Inu Coin (SHIB)

This week, crypto exchange Bitstamp announced the listing of Shiba Inu Coin (SHIB).

According to the announcement,

“Among all the serious crypto projects with their serious tokens and coins, there are some that present the dogs of the world. SHIBA INU is one such project which started out as utterly light-hearted, boasting a pretty dog picture of a dog, but now has an incredibly large and vibrant community behind it.”

The announcement went on to say that full trading will be available once the order books gather sufficient liquidity. At that point, Bitstamp will,

“Enable all order types and card purchases for the new trading pairs as well.”

The new trading pairs are SHIB/EUR and SHIB/USD.

For now, users in Singapore and the US, however, will not be able to purchase SHIB.

SHIB rose by a modest 2.31% on Monday, with the broader crypto market making more sizeable gains.

Elon Musk has shown greater influence on price action in recent times, despite the increased liquidity and demand stemming from an exchange listing.

Shiba Inu Coin Price Action

At the time of writing, SHIB was down by 0.28% to $0.00001069.

A mixed start to the day saw SHIB rise to an early morning high of $0.00001091 before falling to a low of $0.00001052.

Technical Indicators

SHIB will need to move through the $0.00001070 pivot to target the First Major Resistance Level at $0.00001120.

Broader market sentiment would need to improve to support a return to $0.000011.

In the event of an extended rally, SHIB should test the Second Major Resistance Level at $0.00001168 and resistance at $0.00001170. The Third Major Resistance Level sits at $0.00001266.

Failure to move through the pivot would bring the First Major Support Level at $0.00001022 into play. Barring an extended sell-off throughout the day, SHIB should avoid sub-$0.000010 levels. The Second Major Support Level at $0.0000097.

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. SHIB currently sits below the 50-day EMA at $0.00001093. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA eased back from the 200-day EMA, SHIB price positive.

A move back through the 50-day EMA to $0.000011 levels would support a breakout from the 100-day EMA, currently at $0.00001140.