Surge in Shiba Inu follows Binance Card announcement
The rally comes after Binance confirmed it will allow SHIB, XRP and AVAX payments to its card
Popular meme coin Shiba Inu has witnessed a healthy rally following an announcement from Binance that confirmed Shiba Inu investors will be able to pay using their tokens on the Binance Card.
The support will see the token available to more than 60 million merchants worldwide where the crypto card is accepted. However, Binance Card is only available for Binance users living in the European Economic Area (EEA).
The popular crypto exchange also confirmed that XRP and AVAX have been added to its list of supported cryptocurrencies, bringing the total number of cryptocurrencies accepted on the card to 14.
SHIB enters ‘cup-and-handle’ breakout mode
It’s likely that Binance’s announcement has helped the popular cryptocurrency rally in price, after witnessing a healthy rally that saw SHIB push past its resistance level of around $0.00000124 to hit a daily high of $0.00001774 as of 14 August 2022.
It also hit more than $3bn in trading volume over the weekend, reaching highs that have not been witnessed since May this year.
The token appears to have entered what is referred to as a 'cup-and-handle' breakout mode, signalling a buying opportunity for long-term gain. The cup-and-handle model appears when the price of a token first dips and then rises in price to form a U-shaped model, and then moves sideways or downwards shortly afterwards. The trend is frequently referred to by analysts as developing a new resistance level.
Following the announcement, Shiba Inu surpassed Avalanche in terms of market capatalisation and was ranked 12th in the market. As of 15 August, it was trading earlier at $0.000016.
Binance’s announcement also helped both XRP and AVAX tokens to surge, with the price of XRP increasing by around 2%, and AVAX surging by around 4%.