Shiba Price Analysis: Bulls Recovered, Still More Hurdles to Overcome
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- Shiba Inu has rebounded from its recent consolidation, and the meme coin has gained 13% in the last 24 hours.
- As the meme coin makes a reappearance, the total number of unique addresses holding SHIB is approaching one million.
- Shiba Inu introduces ShibaSwap 2.0, a new component of the SHIB ecosystem that allows third-party community goods to be supported.
Shiba price analysis suggests a mildly bullish price action as the asset broke out of consolidation and remains supported by several factors.
Fundamental analysis
SHIB’s price fell below $0.000070 after reaching a new all-time high in October 2021. It did recover from yesterday’s low of 0.000044 and is now trading at 0.00004880.
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Bullish volume
According to Etherscan data, the number of unique wallet addresses holding SHIB coins is approaching one million. Shib price has rebounded from its decrease in the first week of November, thanks to an increase in on-chain activity.
Over the last week, SHIB’s 24-hour transaction volume has swapped Ethereum and Cardano a few times. As a result, the meme coin is on the verge of overtaking Dogecoin in terms of market valuation, with the SHIB price up 13% overnight.
As the SHIB price rises, the 24-hour transaction volume of the meme coin has surpassed $4.2 billion.
Release of ShibaSwap
Shiba Inu has announced the release of ShibaSwap 2.0, a new solution for third-party community projects. The addition of “Dog Park” to SHIB will legitimize third-party products, increasing the native token’s utility.
Shytoshi Kusama, the head of SHIB ecosystem goods, spoke at Dog Park recently. He added that the coin will be a component of the bigger ecosystem, but not the fundamental SHIB, BONE, LEASH trifecta.
Shib at AMC theatres
The Shiba Inu community (SHIB army) petitioned SHIB listed on Robinhood and recognized as a payment mechanism at AMC Theaters and McDonald’s.
SHIB Army’s request was granted, and AMC Theatres stated that SHIB might be used to make payments throughout its chain of theaters using BitPay.
Shib whale
A mystery new SHIB whale acquired 170 billion Shiba Inu tokens for $8.1 million during a dip.
The whale used ETH to purchase SHIB, which supporters see as a positive indicator for the Shiba Inu price.
Shiba price technical analysis: Key levels in action
Shib started the day at 0.00004760 and is now trading at 0.00004880 with a rise of 0.20%.
On the 4-hour chart, the price is just below the 100-period MA, and the MACD is at a neutral level.
The next resistance for the Shib lies around 0.00004982. If the coin crosses this level, we can see upward momentum beyond the 0.000050 level.
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On the flip side, the support for the pair lies at 0.00004760. If the price manages to break this level, then it’ll open the gate for 0.00004310.
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