Shiba Inu Price Analysis: SHIB Drops, Slips Below $0.000030

Daily Shiba Inu Price Prediction

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Last Updated January 17th 2022
4 Min Read
  • The Shiba Inu price has dropped over 3% during the ongoing session, unable to move past the 20-day SMA. 
  • SHIB has been unable to move past the 20-day SMA since dropping below it last month. 

The Shiba Inu price fell back during the ongoing session, as sellers pushed SHIB back below $0.000030. After a significant drop on Thursday, SHIB recovered on Friday, rising by almost 4% and settling at $0.000030. Saturday saw a marginal increase before SHIB fell back into the red on Sunday, dropping by 1.10%, with the 20-day SMA coming into play as resistance. The current session sees SHIB down over 3%, with the price having slipped below $0.000030. 

Shiba Inu Price Chart Indicates SHIB Could Slip Below $0.000029 

The Shiba Inu price started the previous weekend on a fairly bearish note, dropping by 4.45% and settling at $0.000027 before recovering on Sunday and rising to $0.000028. The price fell back in the red on Monday, dropping by 5.52% to $0.000026. Tuesday saw SHIB back in the green, as it rose by 3.52%, before surging by almost 14% on Wednesday, pushing past $0.000030 and settling at $0.000031.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 011722

After rising to $0.000031 on Wednesday, the Shiba Inu price fell back on Thursday, dropping by almost 6% and settling at $0.000029. The price recovered on Friday, rising by almost 4% and moving to $0.000030, and then registering a marginal increase on Saturday, rising by $0.16%. However, with the 20-day SMA coming into play as resistance, SHIB fell back on Sunday, dropping by 1.10%. The current session sees SHIB down by over 3%, dropping to $0.000029.

We can see that the Parabolic SAR is currently bearish, indicating that we could see SHIB drop further.

IntoTheBlock’s IOMAP for the Shiba Inu price shows that SHIB faces strong resistance at around $0.000030. At this price level, over 5000 addresses have sold more than 10,900 billion SHIB. SHIB also has support at around $0.000029, where over 29,000 addresses have bought more than 9100 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 011722

The 4-hour Shiba Inu price chart shows us that SHIB had surged to $0.000031 on the 12th before registering a marginal increase from this level. However, the price could not stay at this level and fell back significantly, dropping to $0.000029. SHIB made a strong recovery from this level, rising to $0.000031, but could not push past this level and fell back to $0.000030 on the 15th. At this level, the 20-bar SMA came into play as support, and the price registered a marginal increase, rising to $0.000031. However, the price fell back from this level, slipping below the 20-bar SMA on the 16th, dropping to $0.000030. With the 20-bar SMA now acting as resistance, SHIB could not push past this level and registered a drastic fall on the 17th, slipping below the 50-bar SMA and settling at $0.000029.

We can see that the MACD is currently bearish, indicating that we could see the price drop further.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 011722

21.1 Million SHIB Burned In 24 Hours, While New SHIB Burn Site Kicks Off

The Shiba Inu community continues burning millions of SHIB tokens on a daily basis, making the circulating supply of the second-largest canine cryptocurrency shrink. Over twenty-four hours recently, a total of 21,104,209 SHIB were burned, as reported by the @shibburn Twitter account.

By now, slightly over 41% of the SHIB supply in circulation has been burned. Twitter user @shibburn has also announced they have launched a new website that offers data on SHIB burn transactions and has a link to etherscan to confirm them as well.

They said: 

"I hope you like the new website. As you may have noticed, the links on Twitter have changed and now directs you to the Shibburn site. Same transaction info and the link to Etherscan is on there."

WhaleStats blockchain tracker shared the news that the number of crypto wallets holding Shiba Inu tokens surged to a new all-time high of 1,140,151 recently. That is still behind the number of wallets that hold another trending meme coin now – BabyDoge. Top BNB whales now hold a $3,921,073 worth of BabyDoge (that’s 1,021,210,347,125,265 tokens).

As for Shiba Inu, WhaleStats added that the top 1,000 ETH whales are holding over 51,797,443,284,680 SHIB in their addresses, which equals to around $1,618,039,100.

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has registered a significant drop during the ongoing session. If the current sentiment persists, we could see SHIB slip below $0.000029.