Shiba Inu (SHIB) Consolidates Under Pivot as Bearish Mood Keeps Buyers Away - Forex News by FX Leaders
Shiba Inu (SHIB) Consolidates Under Pivot as Bearish Mood Keeps Buyers Away

Shiba Inu (SHIB) Consolidates Under Pivot as Bearish Mood Keeps Buyers Away

Posted Friday, December 31, 2021 by
Aiswarya Gopan • 2 min read

Early on Friday, Shiba Inu (SHIB) continues to consolidate under the $0.000035 level supported by interesting fundamentals but weighed down by a lack of buyers in the market on account of weakness in the price action of the leading cryptos Bitcoin and Ethereum. At the time of writing, SHIB/USD is trading at around $0.0000339.

The second most popular memecoin looks set to close 2021 trailing behind its key rival, Dogecoin, ranking as the 13th largest cryptocurrency based on market capitalization. It’s been a good year for the crypto which started as a joke and went on to register over 40,000,000% gains in one year, making many early investors in the coin extremely successful.

Latest Developments Support Shiba Inu

On the fundamentals side, SHIB’s Discord channel moderators hinted at an upcoming big surprise before the start of next year, during an AMA session with David Gokhstein in the previous session. A short while later, Shiba Inu’s official Twitter account announced the launch of BONE as the governance token for use within SHIB’s layer-2 solution Shibarium. Shibarium is expected to be Shiba Inu’s way to work around the high gas fees of the Ethereum blockchain and could vastly improve its appeal as a payment method, giving it a boost in its efforts to overtake Dogecoin.

Meanwhile, Bigger Entertainment has launched a burn roadmap for 2022, which proposes burning more SHIB tokens every month. This comes after the company hosted a major burn party earlier this month after Christmas, where over 239 million SHIB coins were burned.

According to data from WhaleStats, over 3 billion Shiba Inu coins were burned during December. Bigger Entertainment has also confirmed plans to burn an additional 2.9 billion SHIB tokens going forward. These burn activities help in reducing the supply of coins in the market, and the resulting deflation drives up the value of the remaining tokens, giving holders greater returns on their holdings.

Shiba Inu is also enjoying support after being listed on a leading crypto investing app in India, CoinSwitch. India has a large share of crypto users and SHIB is one of the most popular cryptocurrencies retail traders in the country like to invest in.

SHIB/USD Technical Analysis

Technical analysis of the H4 price chart of SHIB/USD reveals a bearish bias among almost all moving averages as well as the MACD. However, the momentum indicator does show some signs of buyers in the market too.

SHIB/USD

Shiba Inu’s price remains under the pivot point at $0.000035 although well above the immediate resistance at $0.000031. We could see a test of the pivot point if more buying momentum builds up in the near term, so let’s keep a close watch on the PP for now.

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