Shiba Inu Price Prediction: Petition Pushes SHIB to New Levels

Summary:
• Shiba Inu price has hit a new record high after surpassing the $0.00005000 for the first time. The petition on Change.org is the key driver.

Shiba Inu price has reached a new all-time high (ATH) amid the ongoing petition for Robinhood to list the meme coin. The petition, which is conducted on Change.org, currently has 330.917 signatures. On Tuesday, during the firm’s earnings call, the CE indicated that it is cautiously looking at other coins to include in its offerings. This comes a month after Coinbase listed the token.   

Shiba Inu price prediction

SHIB has extended its previous gains; hitting a new record high. Earlier on Wednesday, the altcoin surged to an ATH of 0.00005423. At the time of writing, it was up by 12.12% at 0.00005375.

Notably, it is the first time that Shiba Inu price has reached and surpassed the psychological level of 0.00005000. For the better part of October, 0.00003000 has been a crucial resistance zone. Its rallying commenced at the beginning of the month after its subtle movements below 0.00001000 for over four months.

Over the past 7 days, Shiba Inu price has surged by over 100%. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages. Based on the technicals, the meme coin will likely record further gains in the ensuing sessions.

I expect 0.00005000 to remain a crucial support level in the short time. Further pullback may place the support along the 25-day EMA at 0.00004157. On the upside, the next target will be at 0.00006000. However, it may find resistance along its ATH in the near term as the bulls gather enough momentum to reach the next target.