Home CryptoCurrency News Kraken Exec drops Shiba Inu listing hint; Deletes tweet later

Kraken Exec drops Shiba Inu [SHIB] listing hint; Deletes tweet later

Shiba Inu [SHIB] saw some high-profile listing announcements this month. But whether Kraken is seriously considering adding support for the meme-coin, is still up for speculation.

Brian Hoffman, who happens to be the Product Lead of Kraken today hinted that it may finally list the Shiba Inu [SHIB]. While the exec did not outrightly say that, Hoffman did tweet that he was “feeling good about this upcoming week.” It also had a GIF featuring a Shiba Inu dog. The now-deleted tweet looks something like this-

Kraken Exec drops Shiba Inu [SHIB] listing hint; Deletes tweet later

This isn’t the first time Kraken had teased about listing SHIB. Kraken had said that it would list the token if its tweet gets 2K likes. Despite 20k likes, the exchange is yet to deliver its promise.

Following the backlash, the exchange revealed that it had started the review process required to list SHIB. Its tweet to the SHIB Army two days later read,

“SHIB Army we’ve heard you loud & clear! Community is an important part of our considerations for all listings, and you have clearly shown your support. There’s more work for us to do as we move through our listing review process.”

Where is Shiba Inu’s [SHIB] price headed?

Kraken Exec drops Shiba Inu [SHIB] listing hint; Deletes tweet later

The volatility in the market has taken a dip as depicted by the converging Bollinger Bands [BB]. The above 4-hour SHIB chart also revealed that price movement has been constricted to the symmetrical triangle pattern for the past week. The low volume has been one of the major factors that have caused hindrance to the uptrend.

The looming death cross as the 50 moving average [Pink] neared the 200 moving average [Yellow] further validated the bearish thesis.

Kraken Exec drops Shiba Inu [SHIB] listing hint; Deletes tweet later

The technicals do not look optimistic. For one, the dotted markers of Parabolic SAR aligned themselves below SHIB’s candlesticks arrangements. The closing bars of Awesome Oscillator [AO] pointed towards bullish momentum which appeared to be fading. On the other hand, the Relative Strength Index [RSI] is projecting a mild buy signal as it struggled to hold its ground above the 50-median line.

At the time of writing, SHIB was trading at $0.00005330. The above analysis indicated that the imminent death cross may flip the buy signal into a period of sell-off. A bearish breakout from the symmetrical triangle pattern could drag the asset to its immediate support area of $0.00004801. A breach of this level can be damaging and bring $0.00003595 and even to a low of $0.00002802 into play especially in case of a market meltdown.

Chayanika
Chayanika has been working as a financial journalist in the cryptocurrency and blockchain industry for almost three years. She has closely followed the growth and adoption of the sector since 2018. Her inclination lies in writing impactful, data-driven stories.
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