The announcement that Binance will list Shiba Inu on its card has been a big reason for the bulls to buy. However, it is worth considering that some more facts may be crucial in this rise.
On the other hand, at this moment, there are levels of great importance to watch, and if they are overcome with the necessary force, a new rally could take place; of at least 50% from their current prices.
At this moment, traders take advantage of taking profits from the last bullish day that occurred. Above all, because it has reached a resistance zone, where, historically, there is low demand and a lot of supply.
As we can see on TradingView, resistance is located at 0.00001831, and CoinMarketCap tells us that SHIB is currently trading at 0.00001602. Which means that prices have retraced approximately 17% since that level was reached, but we still consider it insufficient to say that the pullback is over.
Shiba Inu and Binance: An Attractive Combination for Investors
Binance included Shiba Inu in the card that they have launched for the European market, and this could be the key rationale for this rise in SHIB. However, constant token burns have also been taking place in recent days.
This serves to boost purchases, since the number of circulating tokens is reduced, making them scarcer, and therefore, more attractive. However, it is unlikely that SHIB would have broken out to the upside on these events alone. Also, we can give some credit to the gains that BTC and ETH held days ago.
In addition to this, it is worth considering that the SHIB developers are working on different projects for the benefit of the main token. Therefore, it is quite probable that the union of all these fundamentals has produced the rise. Especially since the level that SHIB was at was a high-volume trading area. And breaking it just tells us that a fundamental fact was the one that drove the purchases.
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