What’s Happening With Shiba Inu (SHIB) a Day After Musk Drives Rally?

Shiba Inu (SHIB) extends its bullish moves into Wednesday, a day after it rallied by as much as 25% following Elon Musk announcing the name of his pet over social media. At the time of writing, SHIB/USDT is trading around $0.0000089.

The previous session saw an increased interest among investors in trading the SHIB token after Musk announced the name of his new pet Shiba Inu, Floki. Not only drive the Shiba Inu cryptocurrency to the highest level seen in six weeks, but it also resulted in the creation of a brand new cryptocurrency called Floki.

Shiba Inu has been garnering considerable interest among the online community over reports that it may be turning into Musk’s favorite memecoin, leaving the original one – Dogecoin, it its wake. It is unsurprising, therefore, why it has earned the moniker ‘DOGE killer’ within the crypto community.

However, Musk is not the only notable billionaire who has expressed interest in the Shiba Inu coin lately. SHIB also enjoys attention from a Chinese venture capitalist, Charles Xue Biqun, who regularly posts about the coin on social media, driving an uptick in its price and helping it break into the top 30 cryptocurrencies by market cap. SHIB currently ranks 28 based on its market capitalization on Coinmarketcap.

Key Levels to Watch

Most of the moving averages as well as the MACD indicator are signaling a bullish bias in the H4 price chart of SHIB/USDT, which means there could be a continuation of the current uptrend. The price sits comfortably above the pivot point at $0.0000073 and appears to be getting ready to test resistance at $0.0000090.

If buyers manage to break past this level, we can see Shiba Inu’s price break past the key $0.000010 level and surge all the way up to $0.000013. However, for the uptrend to sustain, the market sentiment in the wider crypto sector should also lend support to SHIB buyers.