Shiba Inu (SHIB) seems to be bouncing back. Noting a surge in buying activity since last session, rumors on social media that popular crypto trading app Robinhood may list Memecoin as soon as next month. while writing, shib/usd is trading near $0.000031.
The Shiba Inu has managed to overcome considerable bearish pressure amid a drop in investor confidence below the $0.00030 mark. While the rumors of Robinhood adding SHIB to its offerings soon helped SHIB cross this level, it still looks fragile as it trades very close to this level.
Is Investor Interest Losing In Shiba Inu?
The second largest memecoin is also facing stiff competition from new meme tokens that have recently entered the market, garnering more attention from smaller crypto investors. One such coin that has been in the news recently is the Alien Shiba Inu (ASHIB) which rose by over 500% in 24 hours a few days back.
The Shiba Inu’s weak price action could also be the result of declining interest in crypto among whales or large holders. The SHIB token lost its position as the largest tokenized position by dollar value for the FTX token (FTT) in the last session, slipping to third place among the top 10 holdings of ETH whales.
Interest in the coin – Memecoin, one of the key drivers of price action, has seen a steady decline over the past three months except for the sharp spike in late October. According to Google Trends, terms like “shiba inu coin” and “shiba inu” are showing low levels of activity and interest in online searches.
SHIB/USD Technical Analysis
On the 4-hours chart of SHIB/USD, almost all moving averages and MACD are indicating a strong bullish trend among investors. However, the 200 EMA as well as the momentum indicator is pointing to some selling interest.
Shiba Inu price crossed the pivot point at $0.00029 and it looks like some consolidation is underway for now. The next major level to watch is immediate resistance at $0.000032.