The cryptocurrency market is experiencing a rebound after the prior days’ declines. Shiba Inu is seeing a slight rebound in the last 24 hours. At the time of writing, SHIB was trading at $0.00003679. Shiba Inu received bullish cues from a broader recovery across the top digital assets, including Bitcoin (BTC) and Ether (ETH). SHIB whales are also increasing their holdings as SHIB price consolidates the next breakout. Data from tracking platform WhaleStats reveals that a ”BNB” Whale purchased 99 Billion SHIB Coins, suggesting continuous accumulation by large entities. Shiba Inu’s adoption is likewise growing, AMC CEO Adam Aron stated in mid-November that AMC theatres would accept Shiba Inu within two to four months. SHIB is now accepted by Nowpayments and Newegg. In another adoption news, SHIB is now listed as a payment method on Travala.com to book over 3M travel products worldwide.
Key Levels
Resistance Levels: $0.00006653, $0.00004465, $0.00004000
Support Levels: $0.00003214, $0.00002736, $0.00002360
SHIB/USD Daily ChartThe SHIB/USD pair has revealed a falling wedge pattern on its daily chart. From a theoretical perspective, Shiba Inu could likely consolidate briefly before a breakout materializes. With the breakout from the falling wedge pattern underway, Shiba Inu could test towards the $0.00003251 level if the price declines.
A further drop might target the next barrier at the $0.00002915 lows. On the upside, a breakout above the $0.00004749 level should confirm the bull’s intention to test back towards the $0.00005433 resistance level. In this scenario, the $0.000075 and the $0.000088 areas are the next topside targets.
SHIB/USD 4-Hour ChartSHIB traded between its moving averages before declining below the MA 50 at $0.00004074. Shiba Inu presently consolidates after reversing north from the lower boundary of the falling wedge pattern at $0.00002915. However, Shiba Inu’s price has to surpass the moving averages 50 and 200 at $0.00004074 and $0.00004647 before a positive picture is reinforced.
The RSI is hovering below the 50 neutral mark, thus it is likely, that Shiba Inu could trade sideways beneath the MA 50 at $0.00004074 before the next breakout. On the contrary, if the given pattern does not hold, a breakout south might occur, in this case, bears may target the $0.00003277 and $0.00002915 levels. Overall, a break above the resistance or below the support trend lines is needed before a larger breakout is likely.
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