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Shiba Inu price stares at 15% breakout as SHIB loses directional bias

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  • Shiba Inu price is currently grappling with a crucial support level at $0.0000279.
  • SHIB could drop 15% to collect liquidity resting below the swing lows around $0.0000237.
  • Since there is no apparent directional bias, a resurgence of buyers could lead to a retest of $0.0000322.

Shiba Inu price is stuck in a range since it set up the October 7 swing high. As SHIB currently sits on the mid-point of this range, it shows no directionality whatsoever. Therefore, a breakdown of the 50% Fibonacci retracement level could lead to a drop or an upswing if the buyers decide to make a comeback.

Shiba Inu price at inflection point

Shiba Inu price seems to be stuck in a range after its 66% ascent between October 6 and October 7. The trading range extends from $0.0000326 to $0.0000206 and SHIB is trading above the mid-point at $0.0000279.

Since Shiba Inu price has no sense of direction, it could head either way. Therefore, investors need to wait for confirmation.

Assuming a bullish outlook, SHIB needs to bounce off the 50% Fibonacci retracement level at $0.0000279 and produce a decisive 4-hour candlestick close above $0.0000297 to have a chance at retesting the $0.0000322 hurdle. This ascent would constitute a 15% advance from the current position. In a highly bullish case, SHIB could rise to retest the range high at $0.0000353.

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SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

However, if Shiba Inu price fails to hold above the 50% Fibonacci retracement level at $0.0000279 and produces a decisive close below $0.0000271, it will confirm the start of a downtrend.

In this case, market participants can expect Shiba Inu price to head 15% lower and collect the liquidity resting below the $0.0000237 support levels.

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Healthcare Company Adds Shiba Inu to Its Balance Sheet

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A Toronto-based healthcare company now holds Shiba Inu on its balance sheet.

Ask The Doctor, a Canadian online healthcare company, has added $1.5 million worth of Shiba Inu to its balance sheet, according to an announcement posted on its Twitter account.

Kraken facilitated the seven-figure buy. As reported by U.Today, Shiba Inu started trading on the San Francisco-based cryptocurrency exchange on Tuesday.

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The medical information website will also begin accepting the meme cryptocurrency with its healthcare partners within the next three days.

It already allows clients to pay with Dogecoin for certain services in the U.S. and Canada.   

The Toronto-based company was launched in 2010, allowing its clients to connect with medical professionals via text messages or video streaming. Notably, its list of co-founders includes former NBA player Israel Idonije and former NBA star Dikembe Mutombo.

In 2016, Ask The Doctor started accepting Bitcoin payments, becoming the first healthcare company around the globe to embrace crypto.

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The reason for adding the new payment option was to offer customers who share sensitive medical data more privacy.

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Shiba Inu Coming to Brazil’s Largest Crypto Exchange

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BBrazil’s Mercado Bitcoin is set to add support for Shiba Inu on the first day of December.

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced that Shiba Inu will become available for trading starting from Dec. 1.

The token is yet to be added to the trading platform at the time of writing.

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The announcement was accompanied by a video of a Shiba Inu dog in military gear.

After listing SHIB, Mercado Bitcoin will also add support for Cosmos (ATOM), Polkadot (DOT) and Loopring (LRC) later this week.

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 2TM, the parent company of the number one exchange in Latin America, raised another $50.3 million in late November. This occurred just months after raking in $200 million in July during a Series B investment round spearheaded by Japanese conglomerate SoftBank.

Last month, Korbit became the first cryptocurrency exchange to list Shiba Inu in South Korea.

Kraken, one of the world’s top exchanges, also added support for the top token earlier this week.

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New Shiba Whale Buys $38 Million Worth of Tokens

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Another whale appears on Shiba Network after token drops from local high and consolidates

New Shiba Inu whale appears on the network after purchasing $38 million worth of tokens. The whale newcomer has bought 850 billion tokens while it was losing 5% of its previously gained value.

The transaction was made 15 hours ago, while the token had just begun its correction and was trading at $0.000048. Such strong buying power, unfortunately, could not push SHIB further up and fuel the local uptrend.

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With more whales entering the market, Shib’s fundamental background is continuously developing while the price on the market seems to struggle to break through the $0.000046 area.

Other whales also remain in the Shiba Inu sea by holding more than $2.3 billion worth of tokens while previously owning only about $1.8 billion. The change in the trend appeared shortly after the global cryptocurrency market correction.

Transaction Data
Source: WhaleStats

Most whales have entered Shib with a large discount of 15% compared to the previous trading range. Whales have also become an absolute majority on the chain by buying up 72% of the circulating supply, which puts Shiba mostly in the hands of large wallets.

At press time, Shiba is trading at $0.000046 with 3% of the daily loss. Additionally, the token is losing 15% from its previous high of $0.000054. The token failed to continue its rally and is trading at the local support, while on-chain data suggest a rapid drop of trading volume, which indicates that traders have not yet decided the future direction of the asset’s price.

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