Shiba Inu Price Analysis — December 1

Shiba Inu has finally broken free of the descending trendline, following a brief consolidation along the $0.000400 line and a sharp spike towards the $0.0000550 pivot top on the Kraken listing news. However, the twelfth-largest cryptocurrency has recorded a steep correction to the 0.0000440 support since then, amid a marketwide retreat. That said, bulls need to hold the price above the $0.0000440 support to secure a near-term possibility of reclaiming the $0.0000500 mark. Considering the upbeat momentum on the broader market, we could push into the pivot zone before the end of the day.

Meanwhile, my resistance levels are $0.0000500, $0.0000550, and $0.0000600, and my support levels are $0.0000440, $0.0000420, and $0.0000400.

Total Market Capitalization: $2.65 trillion

Shiba Inu Market Capitalization: $24.8 billion

Shiba Inu Dominance: 0.93%

Market Rank: #12