The rally in Shiba Inu (SHIB) continues and seems to be strengthening despite Elon Musk’s recent comments against the memecoin and in favor of its rival and his favorite crypto Dogecoin. At the time of writing, SHIB/USD is trading at around $0.000054.

Musk’s Comments Fail to Detract Shiba Inu’s Rally

Earlier this week, Musk took to Twitter to praise the original memecoin for its strengths as a fast, scalable and cheap mode of conducting digital transactions, stating that it could take on market leader Bitcoin in this space. In response to a curious user, Musk then went on to add that he had no holdings in SHIB despite his recent tweet showing a puppy and rocket was taken by the Shiba Inu community as a sign of his interest in the Dogekiller coin.

In response to a Twitter user asking Musk to consider buying some SHIB, another user remarked that the community does not need celebrity endorsement to sustain interest in the coin – and this is evident from recent price action. While Musk’s comments should have caused a sharp drop in SHIB’s value, the response was far muted than expected as the token’s online community Shiba Army maintain high levels of engagement and rallies support for the Shiba Inu coin.

SHIB Listed on Public – Next Step Robinhood?

Meanwhile, one key reason that could be supporting Shiba Inu’s price at the moment could be its listing on popular trading app and Robinhood rival, Public. With over 1 million active users, Public recently added support to allow trading of cryptocurrencies, starting with the leading coins and recently adding the second most popular memecoin as well.

With Public’s listing of SHIB and the recent price action, the online petition to get it listed on Robinhood is gaining more traction lately. Till date, it has received almost 3,30,000 signatures and the list of users signing the petition has been growing rapidly, especially over the past few days.

Another key factor driving bullish moves in Shiba Inu is the creation of the Shiboshi Social Club – an exclusive community for Shiboshi NFT owners. The club offers exclusive perks to its members and drives higher levels of engagement among SHIB holders, supporting the ongoing uptrend.

SHIB/USD Technical Analysis

According to a leading crypto analyst and trader who functions under the pseudonym Altcoin Sherpa, Shiba Inu’s rally could take the price as high as $0.00005 soon. In a recent Twitter update, he recommends that traders buy the dip as SHIB could head even higher soon.

His forecast has come true, with Shiba Inu breaking past this key level now. On the 4-hour chart of SHIB/USD, moving averages and leading technical indicators MACD and momentum are exhibiting a strong bullish bias, suggesting more upside to come.

Shiba Inu’s price has just overtaken the second resistance at $0.000053 and can see a comfortable climb higher, supported by the bullish mood among investors. The next obstacle buyers could encounter is the resistance at $0.0000722.