We are seeing some bearish action in Shiba Inu (SHIB) in early trading on Monday as it struggles to hold on to gains from the previous session despite some interesting fundamental developments. At the time of writing, SHIB/USD is trading at around $0.000052.

One of the biggest fundamentals that can lend support to the second most popular memecoin is news of its listing on popular crypto exchange Gemini. The exchange made this announcement via a blog post last Friday, stating that it added the token to its platform and is making it available for trading to its users on the back of a steady increase in the number of holders for SHIB.

Shiba Inu’s bullish price action over recent sessions may have undergone a slight correction recently, but it continues to add new users as more investors buy up the coin. According to latest figures, the number of holders of SHIB are approaching 1 million, a significant milestone if you consider its origins as a meme-based cryptocurrency designed originally as the Dogecoin killer.

SHIB Finds Support From AMC Starting Crypto Payments

Another interesting development that can support buying interest in the Shiba Inu coin over the coming sessions is news of AMC theatres finally launching support for accepting cryptocurrencies as a payment method. After months of hinting and testing this feature, the leading US-based theatre chain will now start accepting payments in four kinds of cryptocurrencies – BTC, ETH, BCH and LTC. The company has already stated its interest in adding SHIB as another option, which would likely roll out in the coming months, further driving up the adoption of this crypto among users.

Does Shiba Inu’s Rally Match That of Rivian?

However, not everyone seems to be onboard with the SHIB-trend. Leading Canadian venture capitalist Geoff Lewis recently likened the rally in Shiba Inu to American electric automobile maker Rivian which saw its market cap cross the $100 billion mark after raising almost $12 billion in its IPO last week. The potential competitor for Tesla, Rivian has also come under fire unsurprisingly from Tesla’s CEO Elon musk who pointed out that the excitement about a company with zero revenue could be irrational and a bit much.

SHIB/USD Technical Analysis

According to popular crypto strategist and influencer Scott Melker, Shiba Inu looks set to resume its bullish mood after overcoming  a diagonal resistance which had been exerting downside pressure over the past few sessions. He anticipates a breakout which can take SHIB back up and close to its ATH, possibly to close in on the $0.00009 mark.

The H4 price chart of SHIB/USD offers a mixed picture, with some of the larger moving averages along with the momentum indicator suggesting a bearish bias. However, the smaller timeframe MAs, the 200 EMA as well as the MACD reveal some buying interest in the Shiba Inu coin as well.

The memecoin’s price is sitting right at the pivot point at $0.000052, making it worth waiting and watching the price action. Keep an eye on the immediate support at $0.000046 which could be tested in case the selling pressure increases. On the other hand, an uptick of buyers could take SHIB higher until the immediate resistance at $0.000059.