Shiba Inu Plummets Amid Wave of “Bad News” for Crypto Industry

Updated:

Shiba Inu (SHIB) suffered a massive dip this week amid intense bearish forces at work in the market. Most cryptocurrencies performed abysmally as well, with most recording double-digit drops since the start of the week.

Trouble started when China (for the umpteenth time) cracked down on Bitcoin mining activities. After that, investors got ruffled by the final approval of the US infrastructure bill, which meant investors using US-based crypto services would begin paying taxes by 2024. These, coupled with a stronger dollar, opened hell for the crypto industry over the past few days.

Additionally, SHIB suffered further bearish Price action following reports that large-scale selling by whales could spike in the near term. Notably, reports show that about two-thirds of all circulating Shiba Inu reside in just ten wallets.

That said, it was not all bad news for SHIB holders this week. SHIB recorded a brief spike earlier this week, following the announcement that AMC Entertainment will accept SHIB as payment for tickets and concessions, beginning anywhere between 60 to 120 days.

Also, giant crypto exchange Gemini announced that it planned on adding SHIB to its offer basket. Finally, ZenGo, a keyless non-custodial cryptocurrency wallet, announced that it was adding support for SHIB this week.

Key Shiba Inu Levels to Watch — November 19

SHIB has suffered a crushing decline over the last three weeks after it peaked at $0.0000885. The meme coin remains unable to break above my three-week-long descending trendline as it recorded its lowest point since October 25.

SHIBUSD – Hourly Chart on Binance. Source: TradingView

That said, the eleventh-largest cryptocurrency currently approaches this trendline again and needs to post a decisive close above this line to break the jinx. Failure to close above this level preserves the bearish momentum and could set SHIB into consolidation between $0.0000470 and $0.0000420.

Meanwhile, my resistance levels are $0.0000500, $0.0000550, and $0.0000600, and my support levels are $0.0000450, $0.0000420, and $0.0000400.

Total Market Capitalization: $2.57 trillion

Shiba Inu Market Capitalization: $25.6 billion

Shiba Inu Dominance: 0.99%

Market Rank: #11

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.