November 29, 2022

November was significant for the Shiba Inu coin (SHIB) in terms of social media interactions, as the token gained adopters from a mainstream perspective.

Soucre: CAFE BITCOIN

According to CryptoRank Platform, SHIB was the top second cryptocurrency mentioned on Twitter over the month.

Metrics unveil that Shiba Inu had 4,024,575 mentions on Twitter so far, with Bitcoin (BTC) being the top performer, accounting for 10,710,315 mentions for the period. The third on the ranking is Ether (ETH), with 2,747,488 mentions, followed by PancackeSwap (CAKE) with 1,862,156.

Mainstream Adoption

SHIB had gained momentum over the month in terms of adoption thanks to companies like AMC Theaters that endorsed the “Dogecoin killer” as a means of payment for its services.

Soucre: Cointribune

Also, today was announced that Newegg, a well-known American tech retailer, joined the SHIB hype by accepting the meme coin as a payment method within its e-Commerce platform.

The strain of adoption announcements had been well-received and with optimism by the so-called SHIB Army, the official Shiba Inu’s community, although it had not been reflected at all in the coin’s price action as of press time.

SHIB Technical Outlook: Eyeing the 200-period SMA

In fact, the cryptocurrency keeps exchanging hands at around $0.000043 after picking up a pace above the $0.000035 level. SHIB suffered from the last week’s crypto bloodbath, although its losses were limited compared to other altcoins of similar market capitalization.

Soucre: Yahoo Finance

Now, Shiba Inu is looking to consolidate above the 50-period simple moving average, and now it’s on the way to reach out the 200-period simple moving average at the H4 chart, around $0.000053.

After clearing out that level, the meme coin will be on its way to test the $0.000060 zone.

However, if sellers gain momentum at this stage and SHIB plummets below $0.000035, doors will open for a leg lower towards the $0.000030 level as the next tough nut to crack.