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Ekta Mourya
FXStreet
Dogecoin-killer Shiba Inu recently witnessed a price drop in the crypto bloodbath. However, the rising number of partnerships and utilities could fuel a recovery in the meme coin Shiba Inu.
While large wallet investors on the Ethereum blockchain have shed their Shiba Inu holdings, “BlueWhale0073” has scooped up 142.6 billion SHIB tokens recently. The whale added these Shiba Inu tokens to his portfolio for $1,539,417.
Accumulation by large wallet investors is considered bullish for meme coins like Shiba Inu. Polygon (MATIC) has replaced Shiba Inu as the most traded token among top 100 Ethereum whale wallets.
Shiba Inu recently expanded its utility with a new partnership. XcelTrip is a decentralized booking system with 450 airlines, 2 million hotels and car rental agencies globally. The application is keen on making blockchain and cryptocurrency mainstream, and recently announced the acceptance of cryptocurrencies like Shiba Inu as payment.
The decentralized traveling agency accepts Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), LiteCoin (LTC), Binance Coin (BNB), and the company’s native token – Xcellab Ecosystem – XcelDefi (XLD) in addition to Shiba Inu.
Analysts have evaluated the Shiba Inu price trend and identified moderate volatility. Analysts concluded that Shiba Inu price is protected from price manipulation and trading near resistance. The meme coin has found support around $0.00001013 and resistance at $0.00001079.
Shiba Inu could recover from the selling pressure and breakout of its downtrend.
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Ethereum Classic price shows a clear, persistent downtrend with distinctive lower highs and lower lows. The ongoing upward move will probably form a lower high and trigger another sell-off.
Cardano price shows an affinity to move higher after sweeping the liquidity resting below the previously formed highs. If history is any indication, this is a clear buy signal for ADA investors looking to make a quick buck.
Ethereum price has witnessed a sudden influx of buying pressure after the recent sell-off. As a result, ETH has rallied quite a bit over the last 24 hours, an indication of the things to come.
Polkadot price has lost 30% of its market value this month. DOT price is still within bounds of bullish support on the Relative Strength Index. Invalidation of the bullish thesis is a breach below $5.
Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022.
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