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Shiba Inu price analysis: SHIB still 50% below ATH, when will bulls catch up?

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  • The nearest support for the meme token rests at $0.000037.
  • The price resistance for SHIB is at $0.00004009 and another at $0.000047.
  • The daily high reached was $0.00004297 as Shiba Inu price analysis turned bullish.

Shiba Inu broke into the top 10 cryptocurrency currency list for a brief while but was later taken over by tokens like Avalanche and Crypto.com. While SHIB still has potential bull run sentiments as it reaches the 1 million holders mark, the meme coin is also known for its exchange ShibaSwap and Shiboshi NFTs.

Shiba Inu price analysis shows bullish sentiment for today, rising by more than 6% on today’s daily candle, reaching as high as $0.00004297. On the other hand, the lowest price for the day was $0.00004056.

Shiba Inu price analysis: What do the technical indicators say?

The technical indicators produce a bearish sentiment for the Shiba Inu price analysis. The 50-day Moving Average has failed to act as a support level, and it seems that lower prices are imminent. However, the bulls are trying to reclaim the 50-day Moving Average. On the other hand, the 100-day Moving Average is still successful in its role as a support level.

Prices broke out from the upper end of the Bollinger Bands but, this bullish outburst was followed by a bearish retracement towards the lower end of the Bands. The declining prices and volumes have put SHIB tokens in the bearish zone of the Bollinger Bands.

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Shiba Inu Price analysis
Shiba Inu price analysis on the chart by TradingView

The Shiba Inu price analysis continues with a bearish stance in a longer time frame. The RSI levels have dropped below 50-level, which means that the sellers are still in charge of the prices. On the other hand, the gradient is positive, implying that the buyers are trying to take the prices higher to breach the resistance zones.

The MACD indicator shows that the blue line (the MACD Line) continues to progress below the signal (the orange line), which is a bearish scenario. However, the two lines are moving closer, and if the former breaks above, we will see a bullish divergence in the prices.

Shiba Inu price analysis: SHIB still 50% below ATH, when will bulls catch up? 1
Shiba Inu price analysis on the chart by TradingView

Shiba Inu price analysis: Conclusion

The conclusion for our Shiba Inu price analysis is bullish for today as bulls are trying to take the prices higher. However, it seems that the SHIB market lacks volumes to rally towards the existing all-time high. Therefore, we might see lower prices in the near future. But, this could be a good opportunity to buy the dips.

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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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