After a quiet showing last week, Kishu Inu has taken front and center once again, rallying by 44% over the pasts 2 days. The timely spike has allowed KISHU to break above a 2-month active bearish pattern, opening the door for more positive price action.
Since January’s flash crash, KISHU’s price had remained within the confines of a descending triangle – a bearish technical pattern that threatens declining prices. While bulls remained sidelined last week, a renewed effort helped overturn the triangle. As a result, KISHU extended its gains to 20% over the last 24 hours, higher than Shiba Inu’s 5.6% daily rise.
CoinEx Listing
As buy orders began to pour in, global crypto exchange CoinEx seized the moment and listed KISHU on its platform. The KISHU/USDT trading pair went live less than 24 hours ago. The exchange has been targeting meme coins of late, listing Floki Inu on 16 March. Notably, FLOKI spiked by 7% soon after the announcement was made.
Apart from generating interest among traders and exchanges, Kishu Inu also struck a chord with Ethereum whales. Data from Whalestats showed that the 1000 largest Ethereum whales were buying KISHU amidst the rally, with the alt bagging a spot in the top 10 purchased tokens over the past day.
Kishu Inu Price
Whale purchases, new listings and a risk-on broader market make for a deadly combination with respect to bullish price movement. However, KISHU’s path forward is not as straightforward as it seemed.
The 200-SMA (green), floating around $0.00000002400, was a significant resistance on the chart. In technical analysis, the daily long-term moving average is considered the ‘last stand’ during an uptrend and has the potential to deny price progression.
With that in mind, KISHU’s near-term potential was limited to another 20% ascent. Once the 200-SMA comes into play, a breakout would be needed for an extended rally. If not, a support line of $0.000000001690 could be KISHU’s next stopover.