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Shiba Inu price in consolidation as bulls try to keep control

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  • Shiba Inu price is seeing further respect of the pennant formation on a weekly chart.
  • SHIB price saw bulls trying to keep price action above the weekly pivot at $0.00005433 but failed.
  • With the consolidation continuing, the weekly RSI is pointing to overbought.

Shiba Inu price is seeing lower highs and higher lows as SHIB price is getting squeezed from both sides. The pennant looked ready for a bullish breakout, but the US inflation print rattled global markets and pressured cryptocurrencies. As tailwinds start to fade and the weekly Relative Strength Index (RSI) trades in overbought, expect SHIB price to correct further and move towards $0.00004500.

Shiba Inu price sees bulls losing grip as momentum moves against

Shiba Inu price saw bulls trying to push price-action back above the weekly pivot level at $0.00005433 but got stopped in their tracks as tailwinds started to fade after the US inflation print on Wednesday. SHIB price started to trade further to the downside as price action to the upside got capped by the red descending trend line. With the green ascending trend line coming in from below, SHIB price is getting caught in a squeeze with $0.00005000 as mid-price. 

SHIB price is expected to fall further to the downside if the weekly pivot cannot keep the price elevated above $0.00005433. Expect, in that case, the green ascending trend line to be tested around $0.00004500. A break below in case market sentiment would turn over would help bears another leg lower towards $0.00003535, an essential historical level with the high from the first week and the low in the last week of October.

SHIB/USD weekly chart

SHIB/USD weekly chart

If bulls can shrug off the weekly RSI in oversold territory, and market sentiment shifts back to being a tailwind instead of a headwind, expect a bullish breakout of the pennant within first instance a test on $0.00007500, which falls in line with last weeks high. If bulls can find further momentum and buy-side volume picks up even further after the break above the red descending trend line, expect a possible retest of the all-time high at $0.00008860.

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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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