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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Polkadot price shows a full-fledged bearish continuation pattern that could trigger a steep decline if buyers do not intervene. If, as expected, bulls fail to step in, investors should prepare for a sharp correction for DOT.
Ethereum price has been consolidating since September 21, resulting in a bearish development. A failure to recover quickly or more bearish pressure on Bitcoin could worsen the situation and kick-start a nosedive.
Cardano price shows a lack of willing buyers that have pushed it below significant support, triggering a bearish market structure break. This development has a small window to recovery, failing to do so could result in a sell-off.
Solana price breaches a trendline that has provided support since September. Solana price was rejected from the 8-day exponential moving average. Invalidation of the bearish thesis is a breach above $38.00
Bitcoin price has been in a steady consolidation for more than two weeks and shows no signs of directional bias. However, the Non-Farm Payrolls (NFP) announcement on October 7 could trigger a volatile episode for BTC that could resolve its range tightening and establish a directional bias.
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