Shiba Inu Price Prediction as SHIB Rallies 5% on Binance Collateral Announcement – Could A Break Above This Key Level Spark Next Bull Run?
Shiba Inu (SHIB), a Shiba Inu dog-themed token that is the second largest meme coin by market capitalization behind Dogecoin (DOGE), is rallying on Friday amid news that Binance will allow the asset to be used as collateral on its platform.
As per an update from Binance, the platform users will now be able to borrow against their SHIB balance.
Not only does this boost SHIB’s utility as an asset, but it also sparked speculation that other Shiba Inu ecosystem tokens like BONE might soon be listed on the platform.
Binance is the world’s largest cryptocurrency exchange by trading volumes, and so its decisions with regards to what tokens get listed and how tokens can be used in its platform can have a large price impact.
Shiba Inu was last up over 5% on Friday in the upper $0.000008s.
The rally cements a breakout above the key long-term support-turned-resistance area at $0.0000083, and cements an uptrend that SHIB has been in going all the way back to May.
Shiba Inu’s technical outlook has taken a substantial turn for the better in the last week.
First of all, SHIB was able to break above a downtrend that had been capping its price going all the way back to the 2021 all-time highs last Friday.
Since then, it has also been able to break above the key aforementioned support-turned-resistance level at $0.0000083 and its 100DMA.
With SHIB also above its 21 and 50DMAs, a quick surge towards resistance in the upper $0.000009s appears to be on the cards, as well as a possible retest of the 200DMA by $0.10.
If SHIB can break above these key resistance level, this could be further early confirmation that a new SHIB bull market is here.
The outlook for Shiba Inu is looking strong.
But traders with a high risk-reward tolerance who are looking for
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