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Shiba Inu Price Analysis: SHIB retraces to $0.00006 again, will the support hold?

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  • Shiba Inu price analysis is bullish today.
  • SHIB/USD continued to retrace from $0.000077 overnight.
  • Closest support at $0.00006.

Shiba Inu price analysis is bullish today as the $0.00006 mark should prevent further downside after a steady retracement from the $0.000077 mark. Therefore, we will likely see bullish momentum take over SHIB/USD as a new higher low gets established.

Shiba Inu Price Analysis: SHIB retraces to $0.00006 again, will the support hold? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. Bitcoin lost 1.72 percent, while Ethereum was down by 2.65 percent. Meanwhile, Shiba Inu (SHIB) was among the worst performers, with a loss of 13.5 percent

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Shiba Inu price movement in the last 24 hours: Shiba Inu slowly retraces as resistance was found at $0.000077

SHIB/USD traded in a range of $0.00006218 – $0.00007338, indicating substantial volatility over the last 24 hours. Trading volume has declined by 25.27 percent and totals $7.78 billion, while the total market cap trades around $35.1 billion, ranking the coin in 9th place overall.

SHIB/USD 4-hour chart: SHIB looks to retest $0.00006 as support today?

On the 4-hour chart, we can see the Shiba Inu price action approaching $0.00006 previous support after a slow retracement over the last 24 hours, likely resulting in a reversal.

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Shiba Inu Price Analysis: SHIB retraces to $0.00006 again, will the support hold?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price action has seen strong performance in October. After a series of higher highs and lows over the past weeks, a new all-time high was set at $0.0000885 on the 27th of October and retested a day later.

What followed was a strong retracement, with support found at $0.00006. After strong volatility, both ways during the following 24 hours, the support was retested, while a new lower high was set at $0.000077.

Since then, the Shiba Inu price action has steadily declined again. Likely we will see the $0.00006 mark tested again later today. If the support holds, SHIB/USD is set for another push higher next week.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish today as we will likely see the $0.00006 mark prevent more downside. Therefore, once the support gets retested, we expect SHIB/USD to start heading higher again.

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While waiting for Shiba Inu to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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Premiere League Clubs Under Investigation Over Dubious Crypto Partnerships

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The English Premiere League is investigating questionable crypto deals.

The English Premier League will take a closer look at the increasing number of cryptocurrency deals signed by its clubs, The Times reports.

The top tier of the country’s football pyramid doesn’t regulate such partnerships.

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The news comes after Manchester City had to put a cryptocurrency deal on hold after it came to light that none of the executives mentioned in the press release had any sort of online presence. This gave ground to speculation about whether or not the company actually exists.

According to the Times, the EPL itself is mulling over forming a tie-up with a non-fungible token platform for issuing digital collectibles.

Strapped for cash, clubs view cryptocurrencies and NFTs as a viable source of revenue, but they are also concerned about their negative impact on fans.

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Shiba Inu Whales Gobble Up Billions Worth of SHIB Following Announcement of New Gaming Partnership

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Crypto whales are loading up on more Shiba Inu (SHIB) following news of the altcoin project’s potential expansion into the metaverse.

Whale-tracking platform WhaleStats reports that of the top 100 Ethereum wallets holding SHIB, the average balance increased by a whopping 42.7% to 2.523 billion in the past 24 hours alone.

The quick accumulation puts the average value of Shiba Inu sitting in each of these wallets at over $100 million at time of writing.

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Source: WhaleStats

The massive accumulation comes in the wake of the Shiba Inu team announcing that the company has hired gaming industry veteran William Volk to help guide its foray into the metaverse.

Volk brings decades of video game experience to his new role, including having previously served as vice president of technology for industry leader Activision.

In a blog post by SHIB developer Shytoshi Kusama, he explains that while the overall project remains decentralized, Shiba Inu Games will utilize skilled contractors to create a product compatible with the Apple and Android operating systems.

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“The only way to create a 7-figure game that is worthy of 1 million FriendShibs is to find a perfectly fitting AAA studio and build it with them. However, landing a great AAA game studio that has worked with the likes of Disney and Warner Bros. isn’t enough. To manage making a game, from concept to completion, requires dedication, experience, connections and wisdom that only a few people can provide.

I’m happy to announce that the consultant who will lead the charge for the Shiba Inu Games version of the Shiboshi game is none other than William David Volk. Will has seen the vision in full (and knows the AAA studio) so I’m actually excited to share his quote on working with on this unique project:

‘I am honored to be working with an amazing team on what will become one of the most significant games of all time.’”

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At time of writing, SHIB is up 4.78% on the day to $0.00004. It is one of the best-performing cryptos of the year, currently up over 73,000,000% since November of 2020.

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What future does Shiba Inu [SHIB] hold in gaming and metaverse?

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It seems Shiba Inu is planning to launch a blockchain game benefiting from the metaverse concept and working with famous developers. Shytoshi Kusama published a blog post about plans in the Shiba Inu community to develop a game. It talks about a AAA game that can push Shiba one step higher in the market.

The blog post starts with plans for growing the Shib ecosystem. Gaming is the first answer to this plan. The teams and community supporting SHIB are focusing on entering the game industry. It won’t be a regular game because Shytoshi says they’re looking for AAA studios to develop it. But finding a studio that plans to work with the so-called Shib Army isn’t easy. But it seems a studio is found, and they’re signing the NDA documents now.

The next step for developing a high-quality game is to work with people who have dedication, experience, connections, and wisdom in all steps of designing and developing the game. Shytoshi is requesting recruiters who can find a leader for the game design, development, and launch operations.

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There is one person who is currently accepted as the leading of the Shiba game development. William David Volk will work with the teams in the Shiba community. William David Volk has been working in the game industry for many years and was VP of Technology in Activision. He has his own game studio and is one of the most famous mobile game developers in the industry.

Developing a blockchain game needs a focused team to work with various people and users. Shiba Inu Games is responsible for the game plans of the Shiba Inu decentralized community. This entity works with consultants and contractors. It should work as a registered brand to be able to publish the game on Android and iOS.

Shytoshi talks about the blockchain concepts are the future game:

“…the completed game will be licensed solely to the decentralized team at Shiba Inu for use on Shibarium. They’ll also be able to add various decentralized elements to enhance this mobile version. *WINK* This will provide unique opportunities within the Shiba Inu Ecosystem ($SHIB, $LEASH & $BONE), while Shiba Inu Games remains completely separate from this activity.”

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The new announcement from the Shiba community may be followed by some scams that claim to be a Shiba game. Shytoshi warns users about these scams and suggests users wait for the official announcement from Shibatoken.com.

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