Shiba Inu Recovers to $0.000047, AMC Entertainment to Accept SHIB. - Forex News by FX Leaders
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Shiba Inu Recovers to $0.000047, AMC Entertainment to Accept SHIB.

Posted Wednesday, November 17, 2021 by
Arslan Butt • 2 min read

The SHIB/USD closed at $0.00004841, after hitting a high of $0.00005349, and a low of $0.00004527. Shiba Inu dropped on Tuesday, extending its decline, amid the prevailing negative market mood, despite the positive developments surrounding the SHIB token.

On Tuesday, the CEO of AMC Entertainment, Adam Aron, revealed that the cinema chain would start accepting SHIB tokens through BitPay within 60 to 120 days. Aron revealed that the payment platform, BitPay, began supporting the SHIB token in response to his request.

Shiba Inu Live Rate

SHIB/USD

Aron decided to accept the memecoin for online payments of movie tickets and concessions by AMC, and it will be launched within 60 to 120 days. The CEO also pointed out that, with this move, the theater will become the first BitPay client to start accepting SHIB tokens.

However, the cryptocurrency came under pressure after China renewed its crackdown on cryptocurrency mining. The passing of the US infrastructure bill also had an impact. Furthermore, the rising value of the US dollar put extra pressure on the SHIB/USD, as the two have a negative correlation.

The US dollar was strong across the market, as data from the world’s leading economy came in favor of the currency, and this, coupled with the passing of the US infrastructure bill, gave the currency a boost, which saw it rise close to the 96.00 level on Tuesday. Meanwhile, the Chinese regulatory authorities issued another warning related to cryptocurrency mining, causing a negative sentiment throughout the entire cryptocurrency market, including the SHIB, which declined for the session as a result.

However, the losses in SHIB/USD remained limited, compared to those of Bitcoin and Ether, due to other positive developments surrounding SHIB.

 

Shiba Inu Chart

Shiba Inu – A Technical Outlook – Symmetrical Triangle Breakout

On the technical front, the SHIB/USD is trading with a bearish bias at the 0.000047 level. The coin has already violated the narrow trading range of 0.00006390 to 0.0000050.

Daily Technical Levels

Support                   Resistance

0.00004463           0.00005285

0.00004084           0.00005728

0.00003641           0.00006107

Pivot Point:            0.00004906

On the bearish side, a breakout at the 0.0000050 support level would extend the selling trend until 0.000044. Conversely, a breakout at the 0.00006390 level would expose the Shiba Inu to the 0.00007490 level.

Since SHIB/USD has already violated the 0.000048 level, the Shiba Inu could extend selling until 0.000044. Good luck!

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