Shiba Inu’s Binance Card Addition has Late Impacts! Eyes a 50% Rally Now

Shiba Inu is currently looking at a 50% rally after the reporting of the Binance card addition

Shiba Inu (SHIB) broke out of its prevailing cup-and-handle pattern on August 14th, raising its prospects of securing additional gains in the coming weeks. A cup-and-handle appears when the price falls and rises in a U-shaped trajectory in the first stage, followed by a swift move sideways or downward in the second. Notably, the price trend develops under a common resistance level. Typically, cup-and-handle patterns resolve after the price breaks above the resistance level; SHIB did the same on Aug. 14 after rising 27% to $0.000016.

Per the rule of technical analysis, a cup-and-handle breakout target is determined by measuring the distance between the pattern's lowest point and resistance line and adding it to the breakout point. As a result, SHIB could head toward $0.00002253. Fundamentally, Shiba Inu's 27% intraday price rally on Aug. 14 had no visible catalysts except a metric showing that SHIB's burn rate surged by 825% in a day. But the amount of burned SHIB is worth only over $4,500.

On the whole, however, the Shiba Inu network has burned over $6.36 million worth of SHIB tokens in its lifetime. In addition, the Shiba Inu rally came almost ten days after Binance's announcement to add SHIB support on its payment cards issued in Europe. In doing so, the crypto exchange raised SHIB's potential to find new users in the emerging European cryptocurrency space.

Digital assets including bitcoin and ether saw a massive sell-off in the past weeks as investors grappled with the prospect of aggressive monetary tightening by the Federal Reserve, causing investors to trim risky assets from their portfolios. This encouraged chatter about a "crypto winter" — a period in which prices stay depressed for a long time. But Shiba Inu has been slowly staging a rebound, boosted by a couple of factors. Over the weekend, the community behind the coin revealed a partnership with Welly's, a small fast-food chain in Naples, Italy. Welly's will accept the coin, launch non-fungible tokens, and initiate a full rebrand of the store to reflect the new joint venture, according to a February announcement by Shytoshi Kusama, the pseudonym of the coin's community leader.