Altcoin Watch: SHIB, SOL, MATIC, and COMP Prices Soar after Robinhood Listing
Several major altcoins experienced rapid growth following their listing on the Robinhood platform. Most investors positively perceive their price and capitalization growth potential.
Robinhood Listing Decisions
Robinhood’s managers and developers have finally approved the listing of the following major altcoins: SHIB, SOL, MATIC, and COMP. The major investors’ focus was on Shiba Inu as members of the meme community asked for the SHIB listing for several months.
According to Lachlan Keller, more than 500,000 people have supported the petition on Change.org regarding the SHIB listing on the platform since October of 2021. Robinhood was largely known for the 2021 GameStop saga which exposed the meme community WallStreetBets to broader society.
The market positively responded to such listing decisions which were reflected in the price changes of these tokens. SHIB gained 30% immediately after the Robinhood news was announced. Investors were reassured by the higher demand for SHIB from members of the meme community and the potential involvement of new traders after the improved SHIB trading opportunities.
The impact on the prices of other major altcoins was less significant due to a different structure of the demand for them, but it was also important in the context of the overall crypto market correction that occurred in the recent weeks. The SOL, MATIC, and COMP tokens gained about 7% each following Robinhood’s announcement, enabling them to enjoy some increase in their capitalization.
SHIB’s Price Action and Growth Potential
Shiba Inu has effectively strengthened its position as the second-largest meme cryptocurrency in the market (after Dogecoin). SHIB’s current market capitalization is $14.8 billion, making it the 15th largest cryptocurrency at the moment. Its current market price is $0.000027 with a circulating supply of 549.06 trillion.
The major concerns for long-term investors refer to the fact that SHIB does not have the maximum supply, and it can potentially be subject to inflation. Regarding SHIB’s high volatility (even compared with most other cryptocurrencies), it constitutes both additional risks and new investment opportunities for short-term trading.
SHIB has a strong support level at the price of $0.000019 which reflects the local minimum reached about 2.5 months ago. At the moment, the token is approaching one of the major resistance levels of $0.000029 proven to be historically significant for Shiba Inu.
If SHIB exceeds this level, investors can justifiably open long positions with the target price level of $0.000034. Shiba Inu’s innovations and its growing presence in the Metaverse segment contribute to the growing investors’ optimism.
SOL, MATIC, and COMP Market Dynamics
Other major altcoins recently listed by Robinhood (SOL, MATIC, and COMP) face additional difficulties due to the market pressure experienced during the recession cycle.
Their price and capitalization decline proved to be more significant than that of BTC, ETH, and other crypto leaders. They also do not have such a loyal community as present in DOGE or SHIB investors.
Therefore, they critically require a market impulse that will allow them to reverse their local negative price trend.
Figure 2 illustrates similar and highly negative price dynamics of all three altcoins as they lost more than 30% of their prior capitalization during the past three months. MATIC experienced major problems with its price declining by about 40% during that period.
SOL lost about 31%, and COMP was down by 33%. The critical level of 40%-48% constitutes the major support for these altcoins, and they demonstrate the potential to avoid further price fall in the following months.
However, their price restoration is moderate due to the high investors’ concerns, BTC instability, and regulatory pressure caused by the Federal Reserve’s base interest rate policy.
The close monitoring of altcoins’ price movements in the following weeks may be informative for short-term investors. In case they continue appreciating, the current growth may be interpreted as the beginning of a new bullish cycle.
The target of 20%-25% may be viewed as the possible tokens’ appreciation in the near future. Otherwise, the downward pressure may continue, threatening the sustainability of these altcoins. However, long-term investors can still use the current opportunity for “buying the dip” (especially for SOL and MATIC) to maximize their long-term returns.
