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Shiba Inu, Floki Inu Price Analysis: Profit-taking Continues As Cryptos Lose Crucial Support Level

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The market-wide profit-taking that started the Tuesday November 16 crypto market crash has deepened Shiba Inu price correction tanking below the $0.000050 support level. Floki Inu, the other favourite meme coin has dropped about 25% from highs of about $0.0024 on November 15 to the current price around $0.001814. This drop saw FLOKI flip the $0.00022 major support level into resistance, a suggestion that a further dip may occur.

Shiba Inu Prepares For An Explosive Upswing

SHIB price has recorded five lower highs since setting the all-time high around $0.0000885 pointing to an extended correction forming a downtrend line as shown on the daily chart.

However, SHIB has been consolidating above the $0.000448 demand area with market participants expecting buyers to accumulate Shiba Inu at the dips and trigger an upswing.

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The current SHIB downtrend will be reversed if SHIB rises to overcome the $0.00005337 major resistance area, shattering the downtrend line to tag $0.0000565. A decisive bullish break out beyond this point could see Shiba Inu rally towards the $0.00006303 area, representing a 32% upswing from the current price.

The position of the MACD above the zero line in the positive region validates this bullish outlook.

SHIB/USD Daily ChartLive Chart

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Shiba Inu Price

On the flipside, if SHIB closes the day below the immediate support provided by the $0.000448 support wall, it will drop to tag the $0.000036 support wall extending the dip. The bullish thesis will ne further invalidated in Shibe Inu drops beyond this point towards $0.00002816, a 41% crash from the current price.

Floki Inu Price Faces Stiff Resistance Upwards

Floki Inu price is trading further below the declining trendline, the 50-period Simple Moving Average (SMA) at $0.0002373, and the 100 SMA $0.0002532 illustrating the stiff resistance FLOKI faces upwards.

The immediate support at $0.0001790 embraced by the 200 SMA is crucial for FLOKI bulls if they to avoid further loses. A closure below this point could see Floki Inu price drop towards the $0.000150 support wall. A further drop below this point could trigger massive sell orders that can take FLOKI towards the $0.00006323, a 66% downswing from the current price.

The down-sloping moving averages, the position of the Relative Strength Index (RSI) close to the oversold region at 31.62 and the position of the MACD below the zero line in the negative region points to this pessimistic outlook.

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FLOKI/USDT Four-Hour ChartLive Chart

Floki Inu Price

However, if Floki Inu successfully defends the 200 SMA support at $0.0001784, it will rise to tag the $0.00020 psychological level. To make a decisive bullish breakout, FLOKI must overcome the $0.0002090 major resistance, after which it will be possible to shatter the resistance posed by the declining trendline at $0.0002203.

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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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