Shiba Inu price research analysis shows that the altcoin is still in a downturn, as Shib-bulls struggle to build the necessary momentum for a turnaround. As a result, the altcoin is anticipated to continue the downward trend in the coming days.
However, as market volatility decreases, the resistance and support levels move closer together, making the cryptocurrency’s price less volatile. As a result, the highest limit for Shib is $0.00001437, which serves as the major resistance.
The lower limit, on the other hand, is available at $0.00001005, which is the strongest support level for Shib. At the time of writing the coin is trading at $0.00001213, down by more than six percent.
Acceptance for Shiba-inu grows
The official Twitter account for the cryptocurrency Shiba Inu has already surpassed 3.3 million followers, a new high. Dogecoin, a rival meme coin, has 3.3 million Twitter followers as well. Shiba Inu has recorded growth in recent months, adding close to 600,000 followers since February.
Since the start of May, Shiba Inu has gained thousands of new holders. According to Shibainuart’s data, the total number of SHIB holders has climbed to 1,169,694.
The number was around 1,139,997 by the end of April. An increase in the number of holders could signal long-term interest in a particular asset.
Meanwhile, after months of teasing, the leading crypto exchange in the Middle East, Rain, has decided to finally launch Shiba Inu trading.
StealthEX, a noncustodial trading platform, recently revealed that DOGE Killer is now supported (LEASH). Users can now exchange LEASH for any of the platform’s more than 400 cryptocurrencies.
Many crypto exchanges have already listed SHIB, including Coinbase, Binance, Kucoin, Huobi, Voyager, Crypto.com, and Kraken. SHIB was added to the Robinhood app in April, much to the delight of Shiba Inu fans.