Retail rushes to Shiba Inu, SHIB price breaks out of the falling wedge and raises the bull flag
Follow report The latest from CoinShares, crypto investment products posted $ 305.6 million in inflows last week.
However, price pressures caused total assets under management (AUM) to drop from $ 75.4 billion to $ 72.8 billion.
Bitcoin has seen the largest inflow in 5 weeks
According to the report, the volume of inflows into digital asset funds last week brought monthly investment inflows to $ 787 million, while year-to-date (YTD) inflows hit $ 9.5 billion.
Flow by supplier | Source: CoinShares
According to CoinShares, after launching another investment product in Europe, Bitcoin saw its largest inflow in five weeks at $ 247 million, and increased inflows to $ 2.7 billion in 11 weeks.
At Ethereum, the inflow for the week was $ 23 million, posting the fifth straight week last week.
Meanwhile, multi-asset investment products saw inflows of $ 9 million and became the third largest investment product at $ 4.6 billion, according to AUM.
While Polkadot and Solana recorded inflows of $ 11.5 million and $ 14.6 million, respectively, Cardano recorded outflows of $ 1.1 million.
Flow of assets | Source: CoinShares
As for AUM-related inflows, Polkadot and Solana “continue to be winners” with recorded inflows accounting for 8.6% and 5.9%, respectively.
Psychology this week
As of this week, Bitcoin and Ethereum prices have successfully rebounded from last week’s sell-off and are trading above $ 57,000 and $ 4,700, respectively, at the time of writing.
4h chart BTC / USDT (left) and ETH / USDT (right). Source: TradingView
While Bitcoin and Ethereum have struggled to break their resistance levels, Shiba Inu (SHIB) has risen more than 30% since the Kraken exchange announced it.
Shiba Inu saw similar popularity in September after listing on Coinbase.
Retail rates and price SHIB
Earlier this week, Shiba Inu received a bullish signal from a broader rally in leading digital assets. Bitcoin is up more than $ 3,000, from a November 26 low near $ 53,500 – the day the Omicron variant wreaked havoc in traditional and crypto markets.
Correlation between SHIB / USDT and BTC / USD on the daily price chart. Source: TradingView
Meanwhile, Ether, which has a higher positive correlation with Bitcoin, has grown from nearly $ 3,900 to around $ 4,500 over the same period.
Market catalysts have sped up Internet searches for the keyword “Shiba Inu,” data on Google Trends displayed over a seven-day period. This coincided with an increase in internet inquiries for the “SHIB” keyword, underscoring retailers’ recovering interest in cryptocurrency this week.
“SHIB” query is restored. Source: Google Trends
The Shiba Inu’s recent rally also sparked a forecast target of $ 0.001 for a bullish flag pattern.
1D SHIB / USDT chart has a bullish flag setup. Source: TradingView
Specifically, the SHIB price broke the flag’s upper trend line, which was accompanied by an increase in intraday trading volume. This often prompts traders to shift their profit target to a level that matches the level of the previous uptrend.
At the same time, the SHIB also confirmed a breakout above the falling wedge, a bullish reversal indicator, as shown in the chart below.
The 1D-SHIB / USDT chart shows a falling wedge pattern. Source: TradingView
The wedge pattern’s profit target can be found by the maximum distance between its top and bottom trend lines, about $ 0.0003053 above the breakout point – which is around $ 0.00075.
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According to Cryptoslate