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Shiba Inu may still have some ground to cover, despite this development

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SHIB army, of late, has brought some interesting observations. AMC Theatres CEO Adam Aron announced that the theatre chain in partnership with Bitpay, will enable online payments for movie tickets using SHIB. However, this will be implemented within 2-4 months.

Shiba Inu in the big leagues

The recent development with regards to AMCTheatres could be the biggest adoption for any meme coin in the crypto space. In fact, a much bigger deal for an altcoin that is valued at $0.00005123.

The support Shiba Inu has witnessed from its loyal army over the months has finally paid off as it became the fifth only cryptocurrency after Bitcoin, Ethereum, Litecoin, and Dogecoin to witness mainstream use cases.

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In fact, some even consider this SHIB development to be a catalyst for AMCTheatre’s growth in the stock market. Since the announcement on 1 November, the $AMC stock has risen from $37 to $42, even peaking at $45 on 8 November. 

AMC Stock price | Source: AMCTheatres

But, the same has not been the case for SHIB itself, as the altcoin has lost well over 28.2% in the same period.

AMC Stock price | Source: AMCTheatres

Shiba Inu price action | Source: TradingView – AMBCrypto

In any case…

Notably, just because it has been approved as a payment option does not mean it is a feasible alternative. Well, the reason is that while BTC, ETH, LTC, and DOGE all have their own blockchains, SHIB is an ERC-20 token based on Ethereum.

Further, Ethereum currently is facing a huge problem of gas fees and transactions costs. For one single transaction at the moment, Ethereum charges $55. And, as for an ERC-20 transaction, the gas fees at the lowest is $31.

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Ethereum gas fees | Source: EtherScan

So, even though the cryptocurrency may not be expensive, the transaction fee is. And as a result, the cost of a $10 movie ticket could end up totaling $41. 

Well, this month has already seen a bunch of investors exiting the market as SHIB’s active addresses dropped from 107k to just 15k. Despite this big announcement, Shiba Inu’s discussion in the market has gone down. Socially, it is not pulling in much traffic.

Shiba Inu active addresses |Source: Intotheblock – AMBCrypto

Thus, the abovementioned adoption news could potentially be the means of revival for an attention requisite coin. While this is good for network development and SHIB’s adoption, its practical use is still a costly dream.  In the coming 2-4 months, it’d be ideal for the SHIB development team to come up with a solution to make SHIB a viable option.

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Shiba Inu below capitulation zone, SHIBA at risk of returning to $0.000030

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  • Shiba Inu price traded below a critical Volume Profile level.
  • Bearish sentiment remains robust, and little support exists within the Ichimoku system.
  • Downside pressure could be sustained with marginal relief in sight.

Shiba Inu price, like the rest of the cryptocurrency market, has struggled since the flash-crash on early Saturday. While traders were able to rally SHIBA 25% above the Saturday lows, selling pressure resumed on Sunday.

Shiba Inu inside a highly volatile and weak price range

Shiba Inu price close its Sunday candlestick below a critical support level that indicates a fast sell-off is likely. The large, red, rectangular area represents a range between $0.000030 and $0.000036. The Volume Profile between those two levels is extremely thin and warns that any move below $0.000036 could trigger a quick and easy move lower.

Evidence of the speed of the drop was observed somewhat during Saturday’s sell-off, but that was mostly an episode of NOS (Non-Organic Selling). NOS is a technical term to describe any price action that is done mainly due to resting buy and sell orders or, as is often the case in the cryptocurrency market, forced liquidations from leveraged positions in derivatives markets. The flash-crash on Saturday is a perfect example of what NOS looks like and what the expected recovery should look like.

SHIBA/USDT Daily Ichimoku Chart

Traders will likely see a lower test due to Shiba Inu price closing inside that price zone. The closest Ichimoku support is at $0.000025 when the Chikou Span hit the top of the Cloud (Senkou Span A).

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To invalidate or at least give pause to the current bearish setup, Shiba Inu price would need to close above the daily Kijun-Sen at or above $0.000042.

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Shiba Inu (SHIB) Up 2,600,000% in the Last 365 Days

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Shiba Inu (SHIB) is up 2,600,000% in the last 365 days.
Watcher.Guru disclosed the SHIB’s yearly volume.
Shiba Inu (SHIB) is still up by 2,600,000% for the past 365 days, according to Watcher.Guru. This shows that regardless of how several other cryptos struggled with the ups and downs of the market beginning of this year, the SHIB token was not affected heavily.

In some way, the yearly volume of the SHIB‘s 2,600,000% figure tells that all the seemingly hypes and sentiments about Shiba Inu of late weren’t in vain. Instead, it was otherwise preparing SHIB for a better and lucrative phase ahead. Even in the past months, a day will not pass, without a piece of Shiba-related news.

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The SHIB token has subtly climbed ranks even more than how the crypto world expected. Meanwhile, at the beginning of its inception, traders didn’t have much interest in the SHIB token like today before it started a staggering spike in price.

Unlike how many other cryptocurrencies die off a short time after their price increase, Shiba Inu has maintained a stunning price performance. This makes it a direct threat to many other cryptos including Dogecoin (DOGE).

At writing time, SHIB trades at a decent price of $0.00003739. Also, it has more than $20 billion as its market capitalization volume, ranking as the 13th biggest cryptocurrency in the world on CoinMarketCap.

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SHIBA INU Weekly Forecast December 6 — 10, 2021

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SHIBA INU ends the trading week at 0.00004117 and continues to move within the fall and the downtrend channel. Moving averages indicate a bearish trend. Prices moved down from the area between the signal lines, which indicates pressure from sellers of the coin and a potential continuation of the fall. As part of the SHIB/USD rate forecast for the next trading week, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the support area near the level of 0.00003855. From where a rebound is expected again and an attempt to grow the SHIBA INU cryptocurrency with a potential target above the level of 0.00008005.

SHIBA INU Weekly Forecast December 6 — 10, 2021

An additional signal in favor of raising the SHIB/USD quotes in the current trading week on December 6 — 10, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from an important support area, as we can see, there were also rebounds from this level. Cancellation of the growth option for the SHIBA INU cryptocurrency next trading week will be a fall and a breakdown of the 0.00002355 area. This will indicate a breakdown of the support area and a continued decline in SHIB/USD quotes with a target below the level of 0.00001505. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 0.00005505, which will indicate a breakdown of the upper border of the downward correction channel.

SHIBA INU Weekly Forecast December 6 — 10, 2021

SHIBA INU Weekly Forecast December 6 — 10, 2021 implies an attempt to test the support area near the level of 0.00003855. Then continued growth to the area above the level of 0.00008005. An additional signal in favor of a rise in SHIBA INU will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.00002355 area. This will indicate a continued decline in cryptocurrency with a target below 0.00001505.

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