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Shiba Inu Price Analysis: SHIB continues to slowly retrace, targets $0.00006 again?

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  • Shiba Inu price analysis is bearish today.
  • SHIB/USD continues to retrace.
  • Support at $0.00006 is likely the next target.

Shiba Inu price analysis is bearish today as a further downside was reached overnight, with no signs of slowing down today. Therefore, we expect SHIB/USD to move to the $0.00006 mark next to test it as support for the third time.

Shiba Inu Price Analysis: SHIB continues to slowly retrace, targets $0.00006 again? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly with bullish momentum over the last 24 hours. Bitcoin lost 0.22 percent, while Ethereum gained 2.78 percent. Meanwhile, Shiba Inu (SHIB) is among the worst performers, with a loss of 7.8 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu continued to move lower

SHIB/USD traded in a range of $0.00006386 – $0.00007295, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 3.88 percent, totaling $5.25 billion, while the total market cap trades around $35.2 billion, ranking the coin in 10th place overall.

SHIB/USD 4-hour chart: SHIB targets $0.00006 previous support next?

On the 4-hour chart, we can see bearish momentum still strong for the Shiba Inu price action, likely leading to the $0.00006 previous support later today.

Shiba Inu Price Analysis: SHIB continues to retrace, targets $0.00006 again?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price action has continued to trade in a slightly bearish price action structure over the past weeks. After a strong rally for most of October, a new all-time high was set on the 27th of October at $0.0000885.

Since then, SHIB/USD has seen strong retracement to $0,00006. From there, a lower high has been set twice, indicating an increasingly tighter consolidation range forming.

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Currently, the Shiba Inu price action moves for the third test of the $0.00006 support. This time, the retracement is slower, meaning that the $0.00006 mark will likely provide support again.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bearish today as no signs of reversal have been seen over the last 24 hours. Therefore, we expect SHIB/USD to drop further today, with the $0.00006 mark as the closest target.

While waiting for Shiba Inu to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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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