Shiba Inu Price May Ride On Elon Musk’s Twitter Revamp Hype Taking SHIB To $0.00001

Shiba Inu price may benefit from the latest excitement in the market to remove one zero from its price following Elon Musk's rebrand of Twitter to "X". SHIB continues to rise, consolidating in a bullish triangle as investors eye more gains.

Could Shiba Inu SHIB Play a Role in Elon Musk's Twitter Plans

SHIB has seen a steady increase over the last 24 hours rising as much as 5% from a low of $0.00000765 on Tuesday to a high of $0.00000798 during the early Asian trading sessions on Wednesday.

The meme coin's price action over the past six weeks has been recording a series on higher lows and relatively equal highs leading to the appearance of an ascending triangle on the daily chart.

Shiba Inu has achieved a noteworthy milestone by turning the 50-day Simple Moving Average (SMA) (yellow band) from a resistance level to a support level at $0.00000753. The recent optimism is evident from the latest green candlestick on the daily chart below, which has sparked speculation about Shiba Inu token's potential involvement in Elon Musk's Twitter overhaul plans.

At present, Twitter (now X) relies on fiat currency for various payment settlements. For example, the $8 fee for account verification is paid in fiat currency. However, with the emergence of X, some tokens are gaining attention with some users arguing that the platform would benefit from adopting a fully decentralized finance (DeFi) token like SHIB to address potential regulatory concerns.

As users anticipate significant alterations in how they engage on the social media platform, upcoming plans are said to involve "comprehensive communications and the ability to conduct robust financial processes in the coming months." This is precisely where the SHIB Army believe Shiba Inu should play a role.

Shiba Inu (SHIB) is currently trading at $0.00000793, showing upward movement with a bullish trend. If buyer momentum continues to strengthen above this level, SHIB might reach the triangle's horizontal line at $0.00000820. This would confirm a bullish breakout from the ascending triangle which could see SHIB rise to confront resistance from the 100-day SMA at $0.00000841.

In the event of an extended upward move, the meme coin, which ranks second in trading volume, could potentially reach the technical target of the governing chart pattern at $0.000010. This would represent a 26.13% climb from the current price.

SHIB/USD Daily Chart

The Relative Strength Index (RSI) is moving north, indicating rising momentum. Equally, the histograms on the Moving Average Convergence Divergence (MACD) indicator were in the positive zone, suggesting bulls lead the SHIB market. The call to buy Shiba Inu which was sent on July 24 when the 12-day Exponential Moving Average (EMA) crossed above the 26-day EMA was still in play, suggesting that the market sentiment was still positive.

On the flip side, in the event that sellers regain control, Shiba Inu's price may scale lower, breaching the support confluence formed by the 50-EMA and the uptrend line at $0.00000753. Nonetheless, to fully invalidate the bullish outlook, a definitive daily candlestick close below the $0.00000700 level would be required. This would see the dog-themed altcoin drop to revisit the local low at $0.0000060.