- Shiba Inu price is due for a retracement after rallying 113% in less than three days.
- The MRI displays a major sell signal, hinting at a correction that could extend 17%.
- A bounce off the $0.0000446 support floor will kick-start another 100% advance to $0.0000914.
Shiba Inu price saw a massive up move after it broke out of its consolidation pattern on October 23. This ascent propelled SHIB to a new all-time high. As bulls overextend the rally, however, things need to cool off before another massive rally emerges. Market participants should anticipate a retracement, therefore.
Shiba Inu price needs to cool down
Shiba Inu price rose 28% on October 27 to set up a new all-time high at $0.0000595. The altcoin markets are seeing a massive sell-off, however, which is reflected in the SHIB price. So far, Shiba Inu price has dropped 10% from the peak, and the Momentum Reversal Indicator has flashed a red ‘one’ sell signal on the 12-hour chart.
This technical formation forecasts that a one-to-four candlestick correction is likely. Investors need to be prepared for correction, therefore, that will serve as a “buy” opportunity. The support barrier at $0.0000446 is the first level to keep an eye out for. While a bullish reaction here is likely, the SHIB could drop down to $0.0000414. As long as the 12-hour candlestick does not close below $0.00000383, the buying opportunity remains valid.
Assuming Shiba Inu price stays above the said barriers, investors can expect the memecoin to make a healthy comeback and restart its upswing.
In this situation, SHIB will likely make a run at its newly erected all-time high at $0.0000595 and then tag the 161.8% trend-based Fibonacci extension level. If the bullish momentum is similar to the one seen after the breakout of the bullish pennant, investors can expect the Dogecoin killer to lock in on the next level at $0.0000914. This ascent would constitute a 104% gain from $0.0000446 and would essentially double the market value of SHIB tokens.
SHIB/USDT 12-hour chart
While a retracement is a boon for long-term holders, short-term holders would not like it if it extended. SHIB needs to stay above $0.0000383, therefore. A decisive 12-hour close below this barrier, however, will suggest that the downswing will extend lower.
In such a situation, investors can expect SHIB to retest the range high at $0.00003528. A breakdown of this barrier, however, will invalidate the bullish thesis.
New SHIB Whale Holds 3.2 Trillion Shiba Inu Tokens Amid Accumulation Spree
An anonymous buyer has over 3.2 trillion SHIB tokens in his possession after a recent accumulation spree
According to WhaleStats, the crypto market has witnessed the birth of a new SHIB whale. The anonymous buyer, who has been on a recent accumulation spree, now holds nearly 3.2 trillion SHIB tokens.
In three large transactions, the SHIB whale bought $120,342,829 million worth of Shiba Inu to join the growing list of large holders for the dog-themed coin.
Woof! Woof! 🐕
👏🤔 New #SHIB whale was born!!!
Holds 3,243,484,849,528 $SHIB ($120,342,829 USD)
Welcome to the #ShibArmy Family! pic.twitter.com/vM4Ei3SHlg— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) December 8, 2021
The first large transaction appeared on the blockchain about two days ago when the whale bought nearly 3.15 trillion Shiba Inu tokens, or $105,487,757 worth. This was followed by two transactions within a period of 30 minutes of 84.7 billion SHIB ($3,233,066) and 8 billion SHIB ($275,776) on Dec. 7.
As of press time, SHIB was trading at $0.00003620.
SHIB adoption continues to grow
As reported by U.Today, SHIB is now listed as a payment method on Travala.com to book over 3 million travel products worldwide. California-headquartered electronics seller Newegg stated in late November, integrating Shiba Inu through a partnership with payment processing service BitPay.
Likewise, AMC, the number one movie theater chain in the world, became the first BitPay customer to decide to accept Shiba Inu. In mid-November, CEO Adam Aron confirmed that the new payment option would be added in early 2022.
Dogecoin Killer Shiba Inu to Start Trading on Bitstamp
Despite snubbing Dogecoin earlier this year, Bitstamp has now listed rival Shiba Inu.
Bitstamp, one of the longest-standing cryptocurrency trading platforms in the world, has listed Shiba Inu (SHIB) in what appears to be one of the most significant endorsements for the meme coin to date.
Deposits and withdrawals have already been opened, with trading kicking off on Dec. 9 at 8:00 a.m. UTC.
Apart from Shiba Inu, Perpetual Protocol (PERP), dYdX (DYDX) and Gala (GALA) have also been added to Bitstamp.
It is worth mentioning that the aforementioned cryptocurrencies will not be available in the U.S. and Singapore for now.
As reported by U.Today, Bitstamp also listed Cardano (ADA) in late November.
Quality over quantity
Bitstamp, which was launched all the way back in 2011 as a European alternative to the now-defunct Mt. Gox exchange, is known for its strong emphasis on regulatory compliance.
Sticking to its conservative listing policies, the Luxemburg-headquartered exchange chose to ignore Dogecoin despite the immense retail interest that pushed the price of the original meme coin through the roof in early 2021.
Bitstamp CEO Julian Sawyer commented on the snub in September, claiming that the exchange chooses quality over quantity. He took issue with centibillionaire Elon Musk’s influence on Dogecoin’s price action:
The issue is that if you go to some that are hyped up by a billionaire’s tweet, or crashes on a billionaire’s tweet, we don’t think that’s right.
Bitstamp remains the largest European exchange by trading volume.
SHIBA INU Forecast December 8, 2021
SHIBA INU is trading at the time of the publication of the forecast at the level of 0.00003715, and continues to move within the correction and the downward channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the coin and a potential continuation of growth from the current levels. As part of the SHIB/USD rate forecast, one should not consider an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance area near the level of 0.00003995. From where a rebound is expected again downward and an attempt to continue the fall of the SHIBA INU cryptocurrency with a potential target below the level of 0.00003005.
SHIBA INU Forecast December 8, 2021
An additional signal in favor of reducing SHIB/USD quotes for tomorrow will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the growth option for the SHIBA INU cryptocurrency will be a fall and a breakdown of the 0.00004695 area. This will indicate a breakdown of the resistance area and continued growth of SHIB/USD quotes with a target above the level of 0.00004995. Confirmation of the fall in the cryptocurrency will be the breakdown of the support area and the closing of quotations below 0.00003155.
SHIBA INU Forecast December 8, 2021 suggests an attempt to develop a small correction of the coin and test the resistance area near the level of 0.00003995. Then, the continuation of the fall to the area below the level of 0.00003005. An additional signal in favor of reducing SHIBA INU will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.00004695 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.00004995.