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Shiba Inu price must hold above $0.000042 to avoid catastrophic outlook

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  • Shiba Inu price lost over 4.60% to trade at $0.000042 amid fake giveaway scams.
  • SHIB has formed a descending triangle pattern over the past few days.
  • A bearish engulfing candle near $0.000044 level is signaling that sellers have the upper hand. 

Shiba Inu price has been consolidating since Nov. 18, forming a bearish pattern on its 4-hour chart. A spike in selling pressure could push SHIB even lower despite the significant losses already incurred. It will all depend on whether a critical support level can hold. 

Shiba Inu price looks ready to break $0.000042 to the downside 

Shina Inu technical outlook remains bearish as the token holds below the 13 and 21-day exponential moving averages. These two EMAs provide resistance at $0.000044 level, and the formation of candles below these lines is indicative of a downward trend. 

At the moment, the 12th-largest cryptocurrency by market cap is trading with a strong bearish bias. SHIB has formed a descending triangle where the pattern’s x-axis is acting as support at $0.000042. 

Typically, descending triangle patterns tend to exhibit a bearish breakout. If this were to happen, an increase in selling pressure around the current price levels could open additional room for Shiba Inu price to drop by 20% towards $0.000035.  

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A series of technical indicators such as the relative strength index or RSI adds credence to a pessimistic outlook as it hovers around 42. Additionally, SHIB has closed a bearish engulfing candle indicating that sellers remain dominant. 

Shiba Inu (SHIB) 4-hour timeframe - Descending Triangle Pattern 

Shiba Inu (SHIB) 4-hour timeframe – Descending Triangle Pattern 

Still, Shiba Inu can shrug off the bears if it manages to stay above $0.000042. Holding above such a crucial level of support can encourage traders to open long positions, catapulting SHIB to the  $0.000044 resistance level. If the upward pressure is strong enough for the meme coin to slice through $0.000044, an upswing to $0.000052 or $0.0000056 can be expected. 

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New SHIB Whale Holds 3.2 Trillion Shiba Inu Tokens Amid Accumulation Spree

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An anonymous buyer has over 3.2 trillion SHIB tokens in his possession after a recent  accumulation spree

According to WhaleStats, the crypto market has witnessed the birth of a new SHIB whale. The anonymous buyer, who has been on a recent accumulation spree, now holds nearly 3.2 trillion SHIB tokens.

In three large transactions, the SHIB whale bought $120,342,829 million worth of Shiba Inu to join the growing list of large holders for the dog-themed coin.

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The first large transaction appeared on the blockchain about two days ago when the whale bought nearly 3.15 trillion Shiba Inu tokens, or $105,487,757 worth. This was followed by two transactions within a period of 30 minutes of 84.7 billion SHIB ($3,233,066) and 8 billion SHIB ($275,776) on Dec. 7.

Whale transaction
Whale Transaction, Courtesy: WhaleStats

As of press time, SHIB was trading at $0.00003620.

SHIB adoption continues to grow

As reported by U.Today, SHIB is now listed as a payment method on Travala.com to book over 3 million travel products worldwide. California-headquartered electronics seller Newegg stated in late November, integrating Shiba Inu through a partnership with payment processing service BitPay.

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Likewise, AMC, the number one movie theater chain in the world, became the first BitPay customer to decide to accept Shiba Inu. In mid-November, CEO Adam Aron confirmed that the new payment option would be added in early 2022.

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Dogecoin Killer Shiba Inu to Start Trading on Bitstamp

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Despite snubbing Dogecoin earlier this year, Bitstamp has now listed rival Shiba Inu.

Bitstamp, one of the longest-standing cryptocurrency trading platforms in the world, has listed Shiba Inu (SHIB) in what appears to be one of the most significant endorsements for the meme coin to date.

Deposits and withdrawals have already been opened, with trading kicking off on Dec. 9 at 8:00 a.m. UTC.

Apart from Shiba Inu, Perpetual Protocol (PERP), dYdX (DYDX) and Gala (GALA) have also been added to Bitstamp.

It is worth mentioning that the aforementioned cryptocurrencies will not be available in the U.S. and Singapore for now.

As reported by U.Today, Bitstamp also listed Cardano (ADA) in late November.

Quality over quantity

Bitstamp, which was launched all the way back in 2011 as a European alternative to the now-defunct Mt. Gox exchange, is known for its strong emphasis on regulatory compliance.

Sticking to its conservative listing policies, the Luxemburg-headquartered exchange chose to ignore Dogecoin despite the immense retail interest that pushed the price of the original meme coin through the roof in early 2021.

Bitstamp CEO Julian Sawyer commented on the snub in September, claiming that the exchange chooses quality over quantity. He took issue with centibillionaire Elon Musk’s influence on Dogecoin’s price action:

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The issue is that if you go to some that are hyped up by a billionaire’s tweet, or crashes on a billionaire’s tweet, we don’t think that’s right.

Bitstamp remains the largest European exchange by trading volume.

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SHIBA INU Forecast December 8, 2021

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SHIBA INU is trading at the time of the publication of the forecast at the level of 0.00003715, and continues to move within the correction and the downward channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the coin and a potential continuation of growth from the current levels. As part of the SHIB/USD rate forecast, one should not consider an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance area near the level of 0.00003995. From where a rebound is expected again downward and an attempt to continue the fall of the SHIBA INU cryptocurrency with a potential target below the level of 0.00003005.

SHIBA INU Forecast December 8, 2021

An additional signal in favor of reducing SHIB/USD quotes for tomorrow will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the growth option for the SHIBA INU cryptocurrency will be a fall and a breakdown of the 0.00004695 area. This will indicate a breakdown of the resistance area and continued growth of SHIB/USD quotes with a target above the level of 0.00004995. Confirmation of the fall in the cryptocurrency will be the breakdown of the support area and the closing of quotations below 0.00003155.

SHIBA INU Forecast December 8, 2021

SHIBA INU Forecast December 8, 2021 suggests an attempt to develop a small correction of the coin and test the resistance area near the level of 0.00003995. Then, the continuation of the fall to the area below the level of 0.00003005. An additional signal in favor of reducing SHIBA INU will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.00004695 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.00004995.

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