Shiba Inu Consolidates to $0.000041, after falling 20% over Elon Musk Tweet

Shiba Inu has recently given Dogecoin a run for its money, and some may argue that it has left the original meme coin in the dust. SHIB has been on a tear for weeks, ending in more than 500 percent gains for holders. Its most recent boom has seen additional money pour into the meme coin, with the price increasing by 50% in a single day. Following this, SHIB’s fame skyrocketed.

Despite the meme currency being inspired by one of Elon Musk’s iconic tweets, the billionaire does not appear to be a fan of the meme coin. Shiba Inu has repeatedly rallied whenever the SpaceX CEO has tweeted something related to the Dogecoin dog breed, Shiba Inu. A fan of the meme coin asked Musk on Twitter if he owned any of the joke coins, and Musk’s response was brief.

Check out Shiba Inu Price Forecast: Shiba Inu (SHIB) Price Prediction for 2021: 23.6% Fibonacci Retracement Support 

SHIB/USD closed at 0.00003596, after placing a high of $0.00004441, and a low of $0.00003355. SHIB/USD continued its 3-day bullish streak and reached an all-time high on Sunday, but it dropped sharply on the back of the latest comment by Elon Musk.

Shiba Inu coin surged rapidly over the past 2 or 3 days, reaching it’s highest level ever, at $0.00004441. However, the coin could not stay there for long, as the coin faced heavy selling pressure after Elon Musk made a disappointing comment related to Shiba Inu.

SHIB crashed after Musk revealed that he did not own any SHIB coins – he only owns BTC, ETH and DOGE. The Shiba Inu community was  angered by Elon Musk’s comments. The statement came in after many Shiba Inu accounts on Crypto Twitter started asking Elon Musk about his SHIB holdings. Despite being a highly influential figure for the community, Musk confirmed that he did not own any SHIB coins.

The coin dropped more than 20% in a single day after Musk’s tweet. It appears that he prefers the original meme to the copy. The world’s richest man has been working actively to improve Dogecoin and make it globally viable as a fast, cheap and scalable medium of exchange.

He has a pet Shiba Inu dog, but the revelation that he holds no SHIB coins took its toll on SHIB/USD, and the coin dropped about 20% in a single day on Sunday. The crash was all because of the Elon Musk’s tweet, but the coin remained bullish throughout the day nevertheless, securing a green candle.

Shiba Inu Price Analysis: Upward Trendline Support at $0.000041

The SHIB/USD is trading with a bullish bias at 0.00004147, gaining immediate support at 0.000041, which is extended by the 23.6% Fibonacci correction level. On the higher side, a breakout at the 0.000044 level could drive sharp buying until levels of 0.000048 and 0.000053.

Daily Technical Levels
Support                   Resistance
0.00003153            0.00004239
0.00002711            0.00004883
0.00002067          0.00005325
Pivot Point:            0.00003797

On the lower side, the coin is likely to gain immediate support at 0.000038 and 0.000036, marking the 38.2% and 50% Fibonacci correction levels. So let’s keep an eye on 0.00003797 to stay bullish and vice versa. Good luck!