The Shiba Inu price analysis remains bearish, however, the coin is likely to trigger buying above the 50% Fibonacci retracement level of $0.000060. Yesterday, SHIB/USD closed at $0.00006890, after placing a high of $0.00008846, and a low of $0.00005713. Shiba Inu rose to a new all-time high, but reversed its movement, breaking its 6-day bullish streak and dropping on Thursday, mainly due to a correction and profit-taking.

SHIB/USD has been rising for the past week, and in the previous trading session, the token surged over 45%, as it moved closer to taking over Dogecoin’s position. The token has increased by about 180% during the last seven days, and traders are hopeful that it will continue to move forward,  overtaking Dogecoin.

The incredible gains in SHIB/USD were based on speculation that it could replace its rival cryptocurrency, Dogecoin, due to increased acceptance of Shiba Inu. Recently, Shiba Inu community members started a petition for Robinhood to launch the token on its platform. This petition received more than 300,000 votes in favor, increasing the expectations that Robinhood might consider listing the coin, which pushed its prices to an all-time high. Furthermore, investors of the Shiba Inu coin have been riding high on the meme token’s eye-popping rally in recent days. But many might not realize that about 41% of the token’s supply has been burned, which means that these coins are not in circulation anymore.

The list of the cryptocurrency’s top 10 holders shows that about 10% of tokens were purchased by cryptocurrency platforms, such as Crypto.com and Binance. In total, there are 836,588 holders of the token. According to the Shiba Inu token website, the team behind the token has locked up about 50% of the total token supply on Uniswap. The remaining 50% was given to Ethereum co-founder Vitalik Buterin, who donated the majority of it, at a value of about $1 billion at the time, to the crypto-based COVID-19 relief fund for India. He then burned the rest, taking the supply out of circulation permanently.

Shiba Inu Price Analysis – Daily Technical Levels

Support               Resistance
0.00005454       0.00008587
0.00004017       0.00010283
0.00002321       0.00011720
Pivot Point:        0.00007150

Shiba Inu Price Analysis – Daily Technical Levels

Technically, the Shiba coin is gaining solid support at the 0.000060 level, which is stretched by a 50 percent Fibonacci retracement level. On the upside, it is projected that the coin will encounter significant resistance at the 0.00007556 level. Shiba Inu has tested the 50-day exponential moving average at 0.000060, on the two-hourly time frame, and the closing of candles above this level supports the possibility of a bullish correction.

A break over the 0.000075 level is likely to define future market moves. Because the MACD and 20-day EMA indicate an upward trend, investors are likely to hold onto Shiba Inu. A further bullish trend could occur if a bullish breakout occurs at the 0.00007550 level. Best of luck!