Shiba Inu price has rallied approximately 29% over the last 24 hours to highs of about $0.00005530. The SHIB price started rallying on November 29 following Kraken’s announcement that it was listing Shiba Inu. At the time of writing, SHIB teeters around $0.00005120. Shiba Inu’s daily trading volume has jumped to $5,783,970,578 at press time having risen 230% over the last 24 hours. The market cap has rallied 30% over the same time frame to $27.9 billion as Shiba Inu climbed back to 11th position just behind Dogecoin (DOGE).
Shiba Inu To Start Trading On Kraken On Tuesday November 30
Kraken Digital Asset Exchange has thrown its weight behind the meme coin Shiba Inu as it lists the crypto. In a blog post announcement made on the company website on Monday, Kraken indicated that deposits were line and that trading of SHIB was set to go live on Tuesday November 30.
The announcement comes after the November 01 promise to list SHIB failed causing an uproar from the “SHIB Army”. The company responded by saying that was still putting several things in place as it reviewed its token listing process.
According to the blog, the minimum required deposit is 373,000 SHIB, and the listing will support the SHIB/USD and SHIB/EUR pairs with the trading minimum set at $50,000 SHIB.
However, SHIB futures and margin trading will not be available Kraken.
The price of SHIB surged following Kraken’s announcement as bulls are determined to undo last week’s losses.
Shiba Inu Price Rally Could Take It To New All-Time Highs
The current rally has seen Shiba Inu price rise above the downtrend line that was started on October 28 when SHIB recorded an all-time high above $0.000088. If the rally is sustained, it could see SHIB rise to 74% to refresh new record highs above $0.000088.
This bullish outlook is accentuated by the upward movement of the Relative Strength Index (RSI) towards the overbought region indicating that SHIB is comfortably in the hands of the bulls.
In addition, the Moving Average Convergence Divergence (MACD) indicator is moving upwards and once it crosses the zero line into the positive region, the meme coin’s bullish narrative will gain more traction.
SHIB/USD Daily Chart
Should Shiba Inu fail to hold above the 50 SMA at $0.00004665, it could drop to seek support on the downtrend line at $0.0000369. The position of the MACD below the zero lien indicates that the SHIB market sentiment is still largely neutral. Is it a case of buying the rumor and waiting to sell the news?