Shiba Inu price trades well below its all-time high even after reaching over 1 million holders. SHIB is trading with a bullish bias as bulls fight resistance exerted by the 50 SMA and upper boundary of the descending channel. A break out above the channel could see Shiba Inu rise to the $0.00005346.
Can one million people be wrong? I guess not. Shiba Inu adoption has achieved an important milestone after SHIB reached 1,000,000 holders. This milestone has been achieved despite Shiba Inu price trading 50% below its all-time high (ATH).
The “Shib Army” has been energized by the news that were shared by the official Shiba Inu Twitter account of November 25 which saw the “Doge killer” spike to a high of $0.00004834, a 33% increase from the November 24 low at $0.00003614.
— Shib (@Shibtoken) November 25, 2021
There are 1,002,671 SHIB holders at the time of writing, according to data from Etherescan.
Despite this important milestone, SHIB is trading approximately 54% below its October 28 record high at $0.00008920, possibly due to profit-taking.
Shiba Inu Price Bulls Aim for the $0.00005346 Range High
SHIB/USD is hovering around $0.00004130 with a bullish bias and is battling immediate resistance from the $0.00004381 embraced by the 50-period Simple Movign Average (SMA) and the upper boundary of the descending channel.
If SHIB rises above this level, it is likely to break out above the channel to tag the 100 SMA at $0.00004790. After that, the November 19 range high around $0.00005346 will be the next logical, a 30% leap from the current price.
SHIB/USD Four-Hour Chart
This positive outlook is accentuated by the upward movement of the Moving Average Convergence Divergence (MACD) indicator above the signal line. Also note that the sent a call to buy SHIB on the four-hour chart. This happened yesterday when the 12 Exponential Moving Average (EMA) crossed above the 26 EMA adding strength to the bullish momentum.
Shiba Inu’s bullish momentum will gain more traction once the MACD crosses the neutral line into the positive region.
Looking Over the Fence
On the flipside, failure to hold on to the immediate support at $0.000040 level could see the token drop to tag the middle boundary of the falling channel at $0.00003841. A drop further could see Shiba Inu price retreat to seek solace at the $0.00003283 embraced by the lower boundary of the channel.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.