The SHIB/USD closed at $0.00006699, after placing a high of $0.00006949, and a low of $0.00005821. The meme-based coin extended its decline, reaching the $0.00005821 level before rising on the day. The coin recovered some of its previous losses and moved higher on Sunday.

The comeback in SHIB/USD was driven by the latest news that suggested that AMC Entertainment was in the process of updating its technical infrastructure to allow consumers to pay online with cryptocurrencies. The CEO of the company, Adam Aron, sent a tweet asking users whether they would be  interested in paying with Shiba Inu. Almost 85% of the users voted in favor of the petition.

Iconic theater chain takes interest in the crypto space

Lately, the iconic theater chain has been showing more and more interest in the crypto space. Earlier this month, AMC enabled its customers to purchase digital gift cards via Dogecoin and other cryptocurrencies, using the BitPay wallet. The news that AMC could add SHIB payments to its mechanism added strength to the SHIB/USD and pushed its prices higher in the market.

However, the gains in SHIB/USD were limited by the strength of the US dollar. The US Dollar Index, which measures the value of the greenback against a basket of six major currencies, reached 94.30, supporting the US dollar and limiting the gains in SHIB/USD over the weekend. The incredible gains in SHIB/USD were based on speculation that its rival cryptocurrency, Dogecoin, could be replaced, due to increased acceptance of Shiba Inu.

Shiba Inu community members start petition for Robinhood

Recently, the Shiba Inu community members started a petition for Robinhood to launch the token on its platform. This petition received many favorable votes – more than 300,000 – and expectations that Robinhood might consider listing the coin increased, pushing its prices to an all-time high. Furthermore, Shiba Inu investors 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 supply of the tokens has been burned, which means that a large portion of the coins are not in circulation anymore.

A list of the top 10 holders of the cryptocurrency showed that about 10% of the 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 about 50% of the total token supply on Uniswap. The remaining 50% was given as a gift to Ethereum co-founder Vitalik Buterin, who donated the majority of it, about $1 billion at the time, to the crypto-based COVID-19 relief fund for India. He then burned the rest, taking them out of circulation permanently.

Shiba Inu Price Analysis – Daily Technical Levels

From the technical side, the Shiba coin is gaining solid support at the 0.000060 level, which is stretched by a 50 percent Fibonacci retracement level. To 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.

Daily Technical Levels

Support              Resistance

0.00006031      0.00007159

0.00005362      0.00007618

0.00004903      0.00008287

Pivot Point:       0.00006409

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!