SHIB coin price was on course to make further gains on Friday, as it was up by 3.9% at 0717 GMT. At that rate, Shiba Inu was within touching distance of Dogecoin in terms of market capitalization. SHIB was on track to surpass DOGE for the second time in as many days.
SHIB the top dog
Based on its current momentum, SHIB is likely to emerge victorious in the so-called “crypto dogfight” pitting it against Dogecoin. For Shiba Inu, it would complete a coup against a rival that has for a long time been perceived as the ultimate meme coin. But, it could get even better for SHIB. With a petition for listing SHIB on Robinhood gaining over 400k votes, its price is likely to soar even higher if Robinhood lists it.
Meanwhile, Coinbase experienced an outage that prevented trading in SHIB coin on Wednesday. In addition, Ethereums’ latest rally to a new ATH has been partly attributed to Shiba Inu’s market action. The latest developments are likely to push Robinhood to action sooner rather than later.
Technical analysis for SHIB coin price
After spending the last week on the uptrend, SHIB price rally has cooled off. The current price is marginally off the ascending channel that had been formed. This means that the bullish sentiment is still strong. Therefore, further gains are highly probable. The RSI is currently at 78, which signals a strong buying momentum. Based on that, the bulls are likely to propel the price up. If that happens, the first resistance is likely to be established at $0.00007920. Beyond that point, the price is likely to retest the ATH at $0.00008857.
Based on the current momentum, downward action is likely to be limited. However, if that happens, it is likely to be driven by profit-taking investors. That could wipe out much of this week’s gains. In that case, the price is likely to encounter first support at $0.00005725. The second support may come at $0.00004247.