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Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California, known for pioneering commission-free trades of stocks, exchange-traded funds and cryptocurrencies via a mobile app introduced in March 2015. Because of their commission-free trading, they are a popular choice for beginner investors and traders.

SHIB

Cryptocurrencies have been filled with meme-coins ever since Doge took off in early 2021. One of the more recent memes to take of was Shib at the end of last year. It seemed to just be a spin-off from Doge, with the same type of traders pushing the price higher.

The price rose from $0.000008 to $0.000088, an increase of 11x. Since then, the price has faded back down to a zone of 20-30, still up a considerable amount since the start.

Robinhood listing

Robinhood listed Shib as a tradable asset yesterday. This has opened the crypto up to a much larger audience. Previously, retail traders would have had to use platforms such as Coinbase and Binance.

What does this mean for the future? The volume that Shib will see will increase. More volume will mean larger moves. Yesterday, Shib saw the most volume within the day since November 30th, 2021. The price also rose 36%.

Technicals

The price has been between the range of 20-30 for several months. Yesterdays volume and price increase still failed to break above 30. There has been lots of volume within this price range, so it may take a while to finally break out. Above 30, there has been consolidation at 35 and also 40. Both of these levels will act as resistance.

Chart provided by TradingView

Crypto rally?

Crypto as a whole is at an interesting point right now. Although most cryptocurrencies sold off from November last year, many are now finding a floor and prices are holding up. Bitcoin is the main one to watch as an indication of a serious rally, wether that is a bullish or bearish one. It had a failed attempt recently as it tried to break higher towards $50k. Now, support at $40k will have to hold to keep things looking positive.

Shib is one to keep on your watchlist incase we do get a rally or we see a rise in any meme assets.

AlphaPicks owns shares in SHIB. To buy shares and crypto, register here with our preferred partner, EToro.

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