Shiba Inu Price Analysis: SHIB Drops To $0.000029 After Bearish Start To Session

Daily Shiba Inu Price Prediction

By
Last Updated January 7th 2022
3 Min Read
  • The Shiba Inu price registered a marginal increase on Thursday, rising by 1.22%. 
  • SHIB has been extremely bearish during the week and had dropped by over 6% on Wednesday. 

The Shiba Inu price fell back in the red during the current session, as SHIB was unable to move to $0.000030, dropping from that level during the current session. SHIB had started the week in the red, dropping by nearly 3% on Monday. The price continued to drop on Tuesday, falling by 2%, and then registered a significant drop of 6.32% on Wednesday that saw the price drop to $0.000030. SHIB posted a marginal recovery on Thursday but fell back in the red during the ongoing session. 

Shiba Inu Price Chart Indicates Sellers Looking To Push SHIB Below $0.000028 

The Shiba Inu price was quite bullish at the start of the previous week, rising by 2.22% on Saturday. The price dropped on Tuesday, falling by over 10% to $0.000034, where the 20-day SMA was acting as support. SHIB slipped below the 20-day SMA on Wednesday, dropping by nearly 4% and settling at $0.000033. Despite the overall bearish sentiment, the price registered a marginal recovery on Thursday before dropping back in the red during the ongoing session.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 010722

After dropping on Friday, the Shiba Inu price rose by 2.34% on Saturday, starting the weekend on a positive note. However, the price fell back on Sunday, registering a marginal drop. The week started with the bearish sentiment persisting, as SHIB dropped by nearly 3% on Monday. The price continued to drop on Tuesday, falling by 1.85%. Wednesday’s drop of 6.32% drove the price down to $0.000032 before SHIB registered a marginal recovery on Thursday. The current session sees SHIB down by over 5%.

We can see that the Parabolic SAR is currently bearish. However, SHIB has strong support at $0.000029, and we could see the price recover from these levels.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we see that SHIB has strong support at around $0.000029. At this price level, over 24,000 addresses have bought over 9129 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 010722

The 4-hour Shiba Inu price chart shows us that SHIB had pushed above the 20-bar SMA on the 2nd, with the price rising to $0.000034. With the 20-bar SMA acting as support, SHIB stayed at this level for the next few sessions before dropping back below the 20-bar SMA on the 3rd, dropping to $0.000033. SHIB fell further to $0.000032 before pushing back up to $0.000033. With the 20-bar SMA acting as resistance, the price fell back, dropping to $0.000032. SHIB could only register a marginal increase from this level and then dropped drastically, falling to $0.000029 on the 6th. The price rose to $0.000031 from this level before dropping to its current position of $0.000028. We can see that the MACD is bearish, indicating that we could see the price drop further.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 010722

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has been extremely bearish during the week. SHIB does have support at $0.000029 and $0.000028, and we could see the price make a marginal recovery from these levels.