The Dogecoin parody Shiba Inu surged 146% after Binance listed it, but a quick selloff soon followed, causing the coin to retrace slightly. This Dogecoin clone has gained nearly 1000% after the exchange first announced the listing on Saturday.
Shiba Inu’s 1,000% surge is seen as unprecedented, taking it into the top 20 tokens by listing on Coinmarketcap. Half of the tokens were sent to Ethereum founder Vitalik Buterin, while a portion of the token is locked in Uniswap.
Ethereum gas fees surged in the last 48 hours, and this is being blamed on the mad rush by the public to acquire the tokens.
Technical Outlook for SHIBA INU
The token is relatively new, and prior support and resistance levels are hard to come by. However, the price surge on the 4-hour chart came off the break of the bullish flag hitting a new high at the 0.00003298 price mark. This price level is now the price to beat for bulls.
Following completion of this measured move, a correction has occurred, finding support at the 0.00002640 mark. A breakdown of this level allows the price to target 0.00001815 initially, with the further backing expected at the cluster of highs around 0.00001500.
On the other hand, a bounce at 0.00002378 allows bulls a chance to take up momentum towards the 0.00002796 price level, with a retest of the ATH on the cards if this price mark is uncapped. New highs are only possible if 0.00003299 is surpassed. The Fibonacci extension trace throws up 0.00003543 and 0.00003692 as potential targets to the north.