Shiba Inu price prediction is slightly bearish as the meme coin has violated the symmetrical triangle pattern, and now it’s trading at $0.00001106. Despite a 1.72 trillion SHIB withdrawal from Huobi exchange, SHIB fails to gain bullish momentum.
Shiba Eternity, Shiba Inu’s first collectible card game, was just released on global mobile platforms for consumers to download and play.
Many people were wondering what impact the revelation would have on cryptocurrency sentiment. Shiba Inu hasn’t reacted much to the news so far.
Shiba Inu Withdrawal – 1.72 Trillion SHIB Leaves Huobi
According to blockchain data, a “Shiba Inu whale” has just cashed out $1.72 trillion worth of SHIB from the Huobi cryptocurrency market, which may be good news for the price of SHIB.
The Shiba Inu withdrawal transaction was worth about $19.4 million but has now dropped to under $19.1 million. Such big transactions are typically the work of a single whale or a group of investors.
Whales typically make an exchange outflow transfer to their personal wallets. Such market buying pressure can have a favorable influence on the meme coin price.
Shiba Eternity Winner Gets 451 Million SHIB
The Shiba Eternity Twitter account recently updated its followers on the status of the competition it announced back in September. The goal was for people to make a 30-second-long trailer for the SHIB game.
All contest entries must feature gameplay footage of Shiba Eternity and must showcase gameplay elements such as attributes, disciplines, cards, and fights.
The winning trailer will receive 451,263,537 meme coins (the Shiba Inu equivalent of $5,000) at today’s exchange rate. The Shiba Eternity staff has promised to contact winners directly using the messaging service Discord.
This contributes to Shiba Inu’s bullish sentiment; however, the strong US dollar appears to overshadow and keep the meme coin bearish.
Shiba Inu Price Prediction – Will SHIB Reach $1 in 2022?
Shiba Inu is now trading at $0.000011 with a 24-hour trading volume of $107,543,318. Shiba Inu has increased by 0.40% in the previous 24 hours.
CoinMarketCap now ranks 14th, with a live market cap of $6,082,715,819.
Shiba Inu Price Review & Tokenomics – Source: coinmarketcap
On the technical front, the SHIB/USD has broken through the symmetrical triangle pattern at $0.00001119, and the closing of bearish candles below this level indicates a possible downtrend continuation.
Leading technical indicators such as the RSI and MACD point to a selling trend. SHIB can go after the triple bottom level of $0.00001082, and a break below this can open up more room for selling until $0.00001055.
Shiba Inu Price Chart – Source: Tradingview
SHIB may face immediate resistance near $0.00001119, extended by a 50-day moving average and previously violated the upward trendline.
To summarize, Shiba Inu is unlikely to reach $1 before 2022. A surge in Shiba Inu demand could push the price past $0.00001119 and toward $0.00001157.
Alternative Meme Coin Under the Spotlight
Tamadoge, a meme coin, has a token vibe similar to Dogecoin and Shiba Inu, resulting in four-digit returns in 2021. As a result, Tamadoge has emerged as one of the most promising new coins in the crypto world due to its potential.
Tamadoge, a meme coin that has gained over 265% from its all-time low of $0.01683, is also receiving attention. Ultra-rare Tamadoge NFTs are now available on OpenSea.
Compiled by Coinbold