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SHIB Price Expected to Plunge Harder! Is Shiba Inu a Safe Bet for Long Term?

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While the biggest cryptos showed mixed trading indicators during the past day, the overall market took a small hit. Furthermore, on November 10th, XRP reached a two-month high, while Loopring reached its all-time high. 

Shiba Inu Price Action

From the 23rd of October, the dog-themed coin experienced an instantaneous increase. Initially, the price action soared by more than 200 percent, reaching its all-time high on October 28. After that, the price suffered a decline and retreated in a declining triangle below its immediate resistance.

At present SHIB price is trading at $0.00005118 with a 4% loss in the last 24 hours. The bears trying to pull the price back below the 20-day EMA. on the successful breakdown SHIB/USDT pair could drop to the important support at $0.000043.

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However, 20-day EMA and the RSI near the midpoint indicate a range-bound action in the near term. The next trending move could start after bulls push the price above $0.000065 or bears to sink the pair below $0.000043.

SHIB is worth for a long run?

Despite its recent price drop, Johnny Lyu, the CEO of prominent crypto trading platform KuCoin, has advised that the meme-inspired cryptocurrency Shiba Inu (SHIB) is worth keeping in the long run.

For at least three days, Lyu stated, the trading volume of SHIB had exceeded that of Bitcoin on the trading platform. In terms of trading activity across spot markets, the cryptocurrency temporarily overtook Ethereum, the second-largest crypto asset by market capitalization. 

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Despite being subjected to a substantial current since late October, its price has risen by more than 570 percent in the last three months.

As Bitcoin’s price rose, Lyu noted that some investors “without a lot of money” who wanted to profit from crypto turned to DOGE and SHIB, whose price per token is significantly lower than BTC, which is presently trading at $64,000 at press time. One SHIB, on the other hand, is currently trading at $0.00005561.

These retail investors, according to Lyu, are “very passionate about such coins and determined to drive up valuations.” 

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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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SHIB Price Analysis: Shiba Inu aims to break downtrend as meme coin steps into gaming

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  • SHIB price analysis turned bullish for today, rising by more than 5%
  • The volumes also rose by tremendous numbers
  • The daily high for the token reached $0.00004212

As per data from CoinMarketCap, the trading volume for the token rose by a whopping 6.47%, standing at $1.88 billion. The daily candle opened today at $0.00003911, reaching a daily high of $0.0004212 and a daily low of $0.00003830.

The coin claims the market position of 12 with a 6.74% rise in market capitalization, standing at $22.1 billion. In the past seven days, the token rose from $0.00003599 to $0.00004754 and is currently a 54.32% low from the all-time high of the token at $0.00008845.

SHIB prices rose by 830% in the month of October, starting at $0.00000721 and rising to the all-time high at $0.00008845. On the other hand, the token has dropped by more than $38% in the month of November.

The SHIB price analysis is currently experiencing a downtrend but, this seems to be a correction from the previous bullish phase. Recently, the lead developer of the SHIB team said that the team is looking to develop a Shiba Inu game. This seems to have affected the token’s price action.

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SHIB price analysis using indicators

The indicators are now turning bullish as the prices continue to move above the 100-day Moving Average. The 50-day Moving Average is currently above the price action, indicating that the bulls will try to reclaim the important zone in the near future.

The prices broke down from the lower end of the Bollinger Bands, but after the correction, they are trying to take over the 50-day Average and form an uptrend. Currently, they progress upwards from the bearish zone of the Bands.

SHIB Price Analysis: Shiba Inu aims to break downtrend as meme coin steps into gaming 1
SHIB price analysis on chart by TradingView

The RSI levels indicate a surge in buying pressure as the gradient is positive and the RSI line is trying to enter the bullish region, i.e., above the 50-level. The accumulation of the Shiba Inu token is also rising, and it seems that holders are buying the token and holding on to it, expecting higher prices.

SHIB price analysis
SHIB price analysis on chart by TradingView

Conclusion

The SHIB price analysis can be concluded on a bearish sentiment for today as the token rose by around 6%. This bullish sentiment of the market was due to Bitcoin gaining the important support of $57,000, and now, we can expect an upwards rally towards $60,000 which will be the next target.

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