Shiba Inu (SHIB) consolidates below pivot as bearish sentiment keeps buyers away

Early Friday, Shiba Inu (SHIB) continued to consolidate below the $ 0.0000035 level supported by interesting fundamentals but weighed down by a lack of buyers in the market due to weak price action from the leading ones Cryptocurrencies Bitcoin and Ethereum. At the time of writing, SHIB / USD trading at around $ 0.0000339.

The second most popular memecoin is expected to close in 2021 and is behind its main rival Dogecoinbased on the Market capitalization ranked as the 13th largest cryptocurrency. It’s been a good year for the cryptocurrency, which started as a hoax and posted over 40,000,000% gains in one year, making many early investors in the coin extremely successful.

The latest developments support Shiba Inu

On the fundamental side, during an AMA session with David Gokhstein in the previous session, SHIB’s Discord channel presenters hinted at a big surprise ahead before the start of next year. A short time later, Shiba Inu’s official Twitter account announced the introduction of BONE as a governance token for use in SHIB’s Layer 2 solution Shibarium. Shibarium is expected to be Shiba Inu’s way of getting rid of Ethereum’s high gas fees Blockchain and could significantly improve its appeal as a payment method, giving a boost to its efforts to overtake Dogecoin.

Meanwhile, Bigger Entertainment has released a burn roadmap for 2022 that suggests burning more SHIB tokens every month. It did so after the company held a major burn party earlier this month after Christmas that saw over 239 million SHIB coins burned.

According to WhaleStats, over 3 billion Shiba-Inu coins were burned in December. Bigger Entertainment has also confirmed plans to burn another 2.9 billion SHIB tokens in the future. These burn activities help reduce the supply of coins in the market and the resulting deflation drives up the value of the remaining tokens, giving holders greater returns on their holdings.

Shiba Inu also enjoys support after being listed on a leading crypto investment app in India, CoinSwitch. India has a large share of crypto users and SHIB is one of the most popular cryptocurrency retailers in the country to invest in.

SHIB / USD technical analysis

The technical analysis of the H4 price chart of SHIB / USD shows a downward trend in almost all moving averages as well as the MACD. However, the momentum indicator is also showing some signs of buyers in the market.

SHIB / USD

The price of Shiba Inu remains below the pivot point at $ 0.000035, despite being well above the immediate resistance is $ 0.000031. We could see a test of the pivot point if more buying momentum builds up in the short term, so let’s watch the PP closely for now.