Shiba Inu price research analysis shows the altcoin is still in a downturn as Shib-bulls struggle to build the momentum needed for a turnaround. As a result, the altcoin is expected to continue the downward trend in the coming days.
However, as market volatility decreases, resistance and support levels get closer, making the price of the cryptocurrency less volatile. As a result, the upper limit for Shib is $0.00001437, which serves as the main resistance.
The lower bound, 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 more than six percent.
Shiba-inu acceptance grows
The official Twitter account of the Shiba Inu cryptocurrency has already exceeded 3.3 million followers, a new record. Dogecoin, a rival meme coin, also has 3.3 million followers on Twitter. Shiba Inu have seen growth in recent months, adding nearly 600,000 followers since February.
Since the beginning of May, the Shiba Inu has gained thousands of new owners. According to Shibainuart data, the total number of SHIB holders has risen to 1,169,694.
The number hovered around 1,139,997 at the end of April. An increase in the number of holders could indicate a long-term interest in a particular asset.
Meanwhile, after months of teasing, the leading crypto exchange in the Middle East, Rain, has finally decided to launch Shiba Inu trading.
StealthEX, a non-custodial trading platform, recently revealed that DOGE Killer is now supported (LEASH). Users can now exchange LEASH for any of the 400+ cryptocurrencies on the platform.
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.
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