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Will Shiba Inu [SHIB] escape bearish shackles after AMC support?

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As the collective crypto market fell by more than 65%, Shiba Inu [SHIB] couldn’t break away from the heightened sell-off. It will interesting to see if the asset will be able to recover lost ground in the coming days.

Shiba Inu [SHIB] might be the most popular meme-coin in town, but a Kraken listing could take a while. Even as October’s initial frenzy faded, SHIB has managed to fetch support from Winklevoss twins’-led Gemini. While this was a major development, the asset’s price remained unfazed as its stunning rally came to a screeching halt.

AMC Says Yes to SHIB

In another major development for the SHIB ecosystem, the world’s leading cinema chain, AMC Theatres is set to accept the crypto in about 60 to 120 days. According to its CEO, Adam Aron, payment will be conducted with the help of Atlanta-headquartered crypto service provider BitPay.

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Owing to the bull run this year, AMC had started accepting Bitcoin [BTC] and a few other altcoins such as Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH]. Shiba Inu’s rival, Dogecoin [DOGE] will also be available on the platform soon.

A Death Cross for Shiba Inu [SHIB]?

In response to the broader market dump, SHIB hasn’t been able to recover yet. Its short-term price chart does not look optimistic. As a matter of fact, the looming death cross may worsen the current trend. The 200 moving average [Yellow] was surging and if it manages to move above the SHIB price candles, a crossover with the 50 moving average [Pink] will be damaging.

Further validating the bearish thesis is the descending triangle formation which has been taking shape since the first week of November. The low trading volume also invalidated any upside cues.

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Will Shiba Inu [SHIB] escape bearish shackles after AMC support?

The renewed divergence in Bollinger Bands [BB] indicated an uptick in volatility in the market. The Awesome Oscillator [AO], on the other hand, edged with the bearish momentum following the latest sell-off. The Relative Strength Index [RSI] also echoed a similar sentiment of sellers’ dominance in the market.

Will Shiba Inu [SHIB] escape bearish shackles after AMC support?

There was not much to expect from the crypto-asset’s price trajectory till it recovers above a strong resistance of $0.00005316. Over the near term, SHIB could find itself near the support area of $0.00004870. If the bulls fail to defend this level, other support levels of $0.00003608 and $0.00002767 may come into play.

Despite the overwhelming support across a myriad of platforms including eToro, Coinbase, Gemini and others, SHIB’s climb towards the recently established eye-popping rally is highly unlikely to transpire anytime soon.

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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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