Price Analysis

Shiba Inu Enters Buy Zone! Will SHIB Price Retest $0.000044 Level?

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Over the past couple of weeks, the war in the meme world that heated up to a huge extent seems to have lost its momentum this week. Dogecoin and Shiba Inu both marked dips as major altcoins entered the correction phase.

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In the last 24 hours, Shiba Inu has declined 5.5% and has shaved more than 20% off its value in the past seven days to currently hover at $0.00005583. It has fallen about 40% from its recent high achieved in October.

How Low can SHIB Price Stoop? 

SHIB Price tried to recover from last week’s drop but failed to push the price above the key resistance at $0.000063. The bears took control which results in Dogekiller dropping below $0.000055. This level is now acting as a resistance.

source: trading view

If the bulls fail to step up soon, a retest of the support becomes likely at $0.000044. Failure to hold this level the SHIB price may test a second support level at  $0.000032.

For the next 24 hours, traders might expect the price of Shiba INU to be in the range of $ 0.0000504 and $ 0.000056. If the bulls fail to take over, SHIB price is more likely to retest the support at $0.000044 than another rally. However, a daily candlestick close below $0.0000446 will invalidate the bull flag’s bullish thesis.

On-chain Data Holds Strong

 SHIB instantly surged after AMC announced during their Q3 earnings call that they are exploring ways of accepting SHIB payments at their theatres. Despite the current plunge, the number of Shib Inu holders has been rising and now crossed 930,000. Also, SHIB’s supply on exchanges is still on a downtrend while the accumulation trend upholds. 

Robinhood Shows no Interest in Listing Shiba Inu?

In a recent Interview, Robinhood chief operating officer Christine Brown was asked about Shiba Inu (SHIB) listing in Robinhood. she responded by saying, that she was unable to provide details on the firm’s plans in regards to adding new tokens. Instead, she said Robinhood is a “safety-first company” that works well within the regulatory scope.

“We think that the short-term gain to us is not worth the long-term trade-off for our users. We want to make sure that we are working and assessing everything from a regulatory perspective.” – Said Christine

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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