Shiba Inu Price Analysis: SHIB Drops After Rising To $0.000047 On Tuesday

Daily Shiba Inu Price Prediction

Last Updated December 1st 2021
5 Min Read
  • The Shiba Inu price has fallen during the ongoing session, with the price currently at $0.000045. 
  • SHIB has had a fairly strong start to the week and had risen by over 15% on Monday. 

The Shiba Inu price registered a marginal drop during the ongoing session, as the price dropped to $0.000045. SHIB had been quite static over the weekend, with the price not seeing much movement. However, the price pushed up significantly on Monday, as it rose by over 15% and moved up to $0.000045. Tuesday saw SHIB continue to push up, as it rose above the 50-day SMA and settled at $0.000047 before dropping during the current session. 

Shiba Inu Price Chart Indicates SHIB Could Drop Below $0.000045 

The Shiba Inu price started the previous weekend in the red, dropping by 1.75% on Saturday and then by over 7% on Sunday to settle at $0.000044. Monday saw the bearish sentiment continue as SHIB slipped below the 50-day SMA and settled at $0.000043. The price continued to drop on Tuesday, dropping by over 3% and then falling by over 9% on Wednesday, dropping to $0.000037. However, the price recovered on Thursday, rising by over 12% and settling at $0.000042.

Image: SHIB/USDT daily chart 120121

Image: SHIB/USDT daily

After pushing up by over 12% on Thursday, the Shiba Inu price fell back on Friday, registering a drop of over 9% and settling at $0.000038. The weekend did not see much movement, with SHIB registering a marginal increase on Saturday and a marginal drop on Sunday. The price pushed up considerably on Monday as SHIB started the week positively, pushing up by over 15% and settling at $0.000045. Tuesday saw SHIB push above the 50-day SMA before dropping back during the current session.

We can see that the Parabolic SAR has flipped to bullish, indicating that we could see the price push higher. However, if SHIB continues to drop, it could flip back to bearish.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000048. At this price level, more than 41,000 addresses have sold more than 16,944 SHIB.

Image: SHIB/USDT volume chart 120121

Image: IntoTheBlock 

Looking at the 4-hour Shiba Inu price chart, we can see that SHIB had dropped to $0.000037 on the 24th. The price pushed up from this level, pushing above the 20-bar SMA and settling at $0.000043. At this level, the 50-bar SMA came into play as resistance, and the price dropped back below the 20-bar SMA to $0.000037 on the 26th. With the 20-bar SMA now acting as resistance, the price could not push beyond $0.000040 and stayed at this level until the 30th, surging past the 20-bar and 50-bar SMAs and settling at $0.000048. SHIB continued to push higher from this level, as it moved above the 200-bar SMA and moved to $0.000053 before dropping to its current level of $0.000045.

We can see that the MACD is currently bullish; however, if the price continues to drop, we could see it flip to bearish.

Image: SHIB/USDT 4-hour chart 120121

Image: SHIB/USDT 4-hour

Kraken Lists SHIB

Crypto exchange Kraken recently added support for Shiba Inu (SHIB). 

The platform noted that there would be a minimum deposit of 373,000 SHIB ($16), and the minimum trading volume is 50,000 SHIB ($2). SHIB will initially be tradeable against the USD and euro pairs. However, Kraken Futures and Margin Trading for SHIB were not available at launch.

The platform tweeted:

"New Listing on Kraken: @Shibtoken

$SHIB deposits begin NOW! Trading is live November 30."

Kraken Australia managing director Jonathon Miller told Cointelegraph that the crypto marketplace supports projects with demand for trading, including SHIB.

Miller added:

“I wouldn’t describe Kraken as being the place where every single coin is listed, that’s not been what we have been known for.”

Kraken is one of the least conservative exchanges, with 93 assets on the exchange in total. Meanwhile, Coinbase supports 51 tokens, and Robinhood only supports seven.

Other exchanges have been hesitant to list the Dogecoin-inspired altcoin over regulatory concerns, despite increasing pressure from their users. On Friday, SHIB surpassed 1 million holders despite trading 50% below its all-time high.

On November 10, Robinhood chief operating officer Christine Brown said that the platform’s “strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now.” The petition requesting that Robinhood list the Shiba Inu coin has amassed over half a million signatures.

Newegg Commerce Will Accept SHIB

Newegg Commerce, a Nasdaq-listed major online retailer, recently confirmed it would soon accept payments in the meme-inspired cryptocurrency Shiba Inu ($SHIB). When exactly the platform plans to do so is unclear. 

Newegg took to Twitter to reveal Shiba Inu as a payment option was “coming soon.” The tweet came shortly after it tagged Shiba Inu’s official account and its project leader asking for a direct message to ask them a question.

Shiba Inu has notably seen its price surge this year over a retail trading frenzy that allowed one investor who bet $8,000 in the cryptocurrency to at one point have $5.7 billion in its wallet. Shiba Inu’s adoption has kept on growing despite a recent drop in crypto asset prices. 

A report from CertiK revealed there are now 1.05 million Ethereum addresses with SHIB in their balance as the cryptocurrency consistently kept adding between 30,000 and 40,000 new users daily.

Newegg’s announcement comes after it revealed (in April) it would accept payments in Dogecoin (DOGE), which is now usable on the company’s website to buy consumer electronics, entertainment, smart home, and gaming products.

Notably, Newegg was one of the first major retailers to start accepting cryptocurrency payments. In 2014, the company started accepting Bitcoin ($BTC) for payments and expanded its offering to include $LTC, $BCH, $ETH, $USDC, etc.

Shiba Inu Price Is Expected To Reach These Levels 

The Shiba Inu price chart shows us that SHIB has fallen during the current session after it had pushed to $0.000047 on Tuesday. If the current sentiment persists, we could see the price drop to the support level of $0.000042.