November was mainly a bearish month for cryptocurrencies, which attempted to turn bullish by the end of the month, but in the last few days of November, the decline accelerated across the market, taking major cryptos much lower, with Bitcoin falling close to $40,000, from a high of $70,000 at the beginning of last month. Shiba Inu has been retreating for the whole month, while Terra LUNA continues to keep up the bullish pressure, despite the mayhem, so let’s see where these two cryptocurrencies are heading now.
Terra Daily Chart Analysis – LUNA Heading for the Moon
Terra LUNA has been on a bullish trend since late July, increasing around 1,000% in value as it climbed from around $5.60 to $56. Last month we saw a retrace lower, but it seemed weaker than in most of the market, suggesting that buyers were still in control.
After that pullback, the buying pressure returned and this cryptocurrency made new highs above $70. On Saturday we saw a quick drop down to $50 for LUNA/USD, but it reversed just as quickly, to end the day with some decent gains, making a new high at $78 as well.
One of the main reasons for this enormous bullish pressure on LUNA is the fact that Terra is burning around $4,5 billion in LUNA coins. The increasing demand for its stablecoin UST, coupled with the multiple incentive programs, are also fuelling the bullish momentum here, so both technicals and fundamentals point to further gains for Terra LUNA, which could even reach $100 before the end of 2021.
Shiba INU Chart Analysis – Squeezed Into a Tight Angle
Will SHIB/USD break out of the triangle soon?
After missing out on the bullish momentum in the crypto market since August, Shiba Inu coin finally decided to make a move, surging more than 1,000% and reaching $0.000088. Many people who were long on Shiba had their positions liquidated as they booked profits, so the price started to slide lower.
November turned into a bearish month for all the market, so SHIB/USD has been trading on a bearish trend for more than a month. The 20 SMA (gray) has turned into resistance for this cryptocurrency at the top, but at the bottom, the previous high has turned into support now, at around $0.000035.
Fundamentals behind Shiba Inu gaming look good, as Shiba enters the world of metaverse. Following the announcement, the top ETH wallet holders holding SHIB accumulated more than 42% more coins in the previous session. Increased buying activity among whales has been the key driver of the bullish action that is currently underway in the Shiba Inu coin. The Shiba adoption is also increasing, as leading online retail giant, Newegg, has announced that they will start accepting payments with the memecoin soon. So, we expect Shiba Inu to resume its bullish trend again, although you never know when that’s going to happen, so I am just buying some Shiba coins and holding them for now.
SHIB/USD
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