Shiba Inu’s [SHIB] explosive rally may have faded but that has not wavered cryptocurrency exchanges to list the meme-coin. In fact, Phemex, which happens to be a relatively new crypto exchange led by former meme coinsButis, have announced support for SHIB on the 26th of November.
Currently, the broader cryptocurrency market was displaying conflicting signs as a bearish edge continued to dominate the board. Shiba Inu, for one, was ranked 12th by market value. The past week, the asset dipped by 25.40%. At the time of writing, it was trading at $0.000038 after a fresh daily plunge of 4.83%.
Will Shiba Inu [SHIB] Shiba Inu Invalidate The Bearish Tendencies?
As SHIB’s price breached several support zones, the volatility in the market took a hit despite a minute uptick in trading volume. Besides, SHIB’s continued downswing has prevented it from making a headway above the moving averages.
The formation of red closing bars in Awesome Oscillator [AO] depicted a quick switch to bearish momentum after a short-lived upside. The MACD also appeared to be gearing up for a bearish crossover. The Relative Strength Index [RSI] was also below the 50-median line as selling pressure engulfed the market
All in all, the short-term price chart looks far from optimistic. If SHIB fails to make a decisive move above the immediate resistance level of $0.000043, a retracement to support levels of $0.000036, and $0.000027 may come into play. However, all hope is not lost. There is more to this picture.
SHIB is slowly becoming Whales’ favorite token?
$SHIB offers another good case study. Buy during the quiet period of accumulation, sell when it reaches a new ATH again.
— venturefoundΞr (@venturefounder) November 24, 2021
SHIB holders have continued to defy the general market direction. Instead, there are now a whopping 1 million holders of the popular meme currency. To top that, SHIB has also come to the fore as one of the favorite ERC-20 tokens among Ethereum [ETH] whales.
Interestingly, this cohort of investors has consistently accumulated SHIB tokens despite periods of high volatility. This further validates the thesis that the current breather may be an accumulation phase and rally could be in the offing. Furthermore, the burn implementation, which slashes the circulating supply of SHIB, could be yet another catalyst.
For investors, this may be the right time to get hold of some SHIB when the market is still quiet.