SHIB still remains popular among traders, hitting the top five of the most traded coins on the market in the last 24 hours,
Following the global market correction and consolidation, SHIB’s price fell by approximately 50% after reaching a new ATH but then recovered by more than 40%. High volatility and massive price spikes put Shiba Inu in the top-trading coins once again, according to Watcher.Guru.
Shiba Inu has entered the top five by daily trading volume coins on CoinMarketCap alongside BNB, BTC and Ethereum. Traditionally, USDT remains in first place with $76 billion of the trading volume. Shiba Inu has reached $12.2 billion of the trading volume in the past 24 hours.
Once again, Shiba gathers additional investor interest with volatile price moves. Besides losing almost half of the last rally’s value, retail traders are still more than interested in purchasing some meme-based tokens.
On-chain data suggest that the percentage of short-term holders has reached almost 40%, which is usually considered a volatility factor. With an increasing number of short-term holders, the market is more likely to hit unexpected selling pressure since short-term targets are usually lower than long-term investors’ profit expectations.
At time press, SHIB is trading $0.000058 with a 6.8% daily loss. Overall loss since the ATH is now at 33%. It was previously at 51%. Due to its volatile nature, SHIB has moved in the 8-80% range every day for the last two weeks.
Shiba Inu to revive bullish outlook if SHIB holds above this critical support level
- Shiba Inu price continues to trend lower as it records lower lows, failing to reverse the period of underperformance.
- However, the prevailing chart pattern suggests that SHIB could be preparing for a 42% surge if it tackles the remaining resistances ahead.
- The canine-themed token must hold above $0.00003457 to avoid invalidating the bullish outlook.
Shiba Inu price action has failed to galvanize investors’ enthusiasm as SHIB continues to create lower lows and lower highs. Although the canine-themed token’s momentum has shifted to the downside, the prevailing chart pattern suggests that a slice above $0.00004457 could put a 42% on the radar.
Shiba Inu price eyes 42% ascent
Shiba Inu price has formed a falling wedge pattern on the 12-hour chart, suggesting a bullish outlook for the token. The governing technical pattern indicates that SHIB could surge 42% toward the 61.8% Fibonacci retracement level at $0.00006363 if the dog-themed coin slices above the pattern’s topside trend line at $0.00004457.
Before Shiba Inu price could reach the aforementioned optimistic target, SHIB has a few obstacles to tackle ahead. The first area of resistance for the token is at the 21 twelve-hour Simple Moving Average (SMA) at $0.00004337, then at the 100 twelve-hour SMA at $0.00004538, before it confronts the upper boundary of the prevailing chart pattern at $0.00004457.
If Shiba Inu price manages to slice above the aforementioned resistances, additional hurdles may emerge before the token reaches the bullish target. The following obstacles for SHIB are at the 38.2% Fibonacci retracement level at $0.00004819, then at the 50 twelve-hour SMA at $0.00004991, then at the 50% retracement level at $0.00005591.
SHIB/USDT 12-hour chart
However, if selling pressure increases, Shiba Inu price could retest critical support levels before restoring its uptrend. The first line of defense for SHIB is at the 23.6% Fibonacci retracement level at $0.00003864. The lower boundary of the falling wedge pattern at $0.00003457 would act as a crucial foothold for the token, as breaking below this level would invalidate the bullish outlook.
If Shiba Inu price witnesses a catastrophic sell-off, SHIB could fall further, reaching the 200 twelve-hour SMA at $0.00002695, which sits near the support line given by the Momentum Reversal Indicator (MRI).
Newegg Confirms That It Will Accept Shiba Inu
It’s official: Shiba Inu will be accepted by electronics retailer Newegg.
Electronics retailer Newegg has confirmed that it will accept Shiba Inu, the second-biggest canine cryptocurrency, in a tweet.
The announcement was front-run by the cryptic tweet posted by the official Twitter account of the cryptocurrency and project lead Shytoshi Kusama.
As reported by U.Today, they tweeted the egg emoji together with the #friendshib hashtag.
Rumors about Newegg adding Shiba Inu to its list of available cryptocurrency payment options started flying last week after the City of Industry-based company tagged the two major Shiba Inu accounts on Twitter, asking for a direct message.
The veteran internet retailer introduced Bitcoin to its clients in 2014.
In April, it also added Dogecoin, the original meme coin.
Overall, Newegg presently supports 11 cryptocurrencies.
It’s not clear when Shiba Inu will appear on the list of payment options.
Shiba Inu (SHIB) Metaverse: Here’s Everything You Should Know About Meme Currency’s Gaming Venture
Shiba Inu (SHIB), the 12th largest cryptocurrency by market cap and the most popular meme currency at the moment is looking to build its Metaverse. Shiba Inu team announced they have onboarded William David Volk, former Vice President of Tech at Activision, one of the largest game developers in the US who boasts of a 36-year long career in the gaming industry.
Volk would be key to Shiba Inu’s development of Play-to-Earn (P2E) NFT games that would help the meme currency consequently transition into its Metaverse. The development of the Metaverse will begin in 2022 and will be built in-house by the SHIB team. Shytoshi Kusama, the project lead at Shiba Inu games revealed their Metavese approach would be quite different from Facebook.
ITS TIME #SHIBARMY Meet Shiba Inu Games' consultant William Volk (FORMER VP OF TECH AT ACTIVISION), (.@william_volk )🤯, .@Newegg #CyberMonday🤑, my take on the FBI "Metaverse" (FaceBook Inc) 😮💨, & the future of gaming in THIS medium! LFGGGGGGG! https://t.co/F0t5x5PhQ2— Shytoshi Kusama™ (@ShytoshiKusama) November 26, 2021
Shiba Inu’s team seems to be eager to shed the “joke currency” tag and become one of the early movers in the Metaverse. The leading meme currency is planning to incorporate the best of all current trends, be it P2E NFT gaming or Metaverse.
Can Shiba Inu Games Announcement Bring Back the Bulls?
Shiba Inu team continues to make great headway in terms of new functionalities and services, however, November has proven to be bearish for the SHIB price. The altcoin has lost more than 55% of its valuation from its all-time high of $0.0000885 in October.
The altcoin has seen constant bleeding throughout November as evident from the one-day chart. SHIB price is currently moving in a descending channel on the 1-day price chart, and the recent Metaverse announcement could help the meme currency make a bullish breakout after nearly four weeks of bearish momentum.
Metaverse tokens have been the talk of the crypto town recently with two major projects The Sandbox (SAND) and Decentraland (MANA) hogging all the limelight with their mammoth price surge. SAND price surged over 10X in November while MANA recorded a 7X surge. Apart from the price surge, some of the virtual properties in these metaverses have already fetched millions of dollars in the bid, making them costlier than some of the posh New York real estate.
Shiba Inu is banking its hope on the current Metaverse trend which could eventually bring back the bulls for the meme currency.