Shiba Inu Price Analysis: SHIB Drops to $0.000032 on Thursday

Daily Shiba Inu Price Prediction

Last Updated December 17th 2021
4 Min Read
  • The Shiba Inu price registered a marginal increase during the ongoing session, as the price looks to get back to $0.000033. 
  • SHIB had dropped by over 3% on Thursday, as the price dropped to $0.000032. 

The Shiba Inu price has registered a marginal increase, as buyers look to push the price back to $0.000033. SHIB has had a fairly uneventful week after it had dropped by over 10% on Monday, dropping to $0.000036. The price pushed up from this level, rising by over 3% on Tuesday and settling at $0.000033. However, the price fell back on Wednesday, registering a marginal drop, before dropping by over 3% on Thursday and settling at $0.000032. 

Shiba Inu Price Chart Indicates SHIB Looking To Push Back To $0.000033. 

The Shiba Inu price got off to a fairly positive start to the previous week, as it registered an increase of 1.52% on Monday. However, SHIB fell back on Tuesday, falling by 1.41% and settling at $0.000036. The see-saw week continued on Wednesday, with SHIB rising by 2.01% before dropping back on Thursday, falling by over 6% and settling at $0.000034. SHIB continued to drop on Friday, as the price dropped by 3.46% and settled at $0.000033.

Image: SHIB/USDT daily chart 121721

Image: SHIB/USDT daily

After dropping to $0.000033 on Friday, the Shiba Inu price pushed up over the weekend, as it registered an increase of 2.90% on Saturday and then rose over 6% on Sunday to end the weekend at $0.000036. The price dropped back on Monday, falling by over 10%, falling to $0.000032, before rising by over 3% on Tuesday to $0.000033. The price fell back on Wednesday, dropping marginally before a further drop of 3.25% on Thursday took the price down to $0.000032. The current session has seen a marginal increase, but we could see the price drop with the Parabolic SAR currently bearish.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000034. At this level, over 11,000 addresses have sold more than 41,744 billion SHIB.

Image: SHIB/USDT volume chart 121721

Image: IntoTheBlock 

Looking at the 4-hour Shiba Inu price chart, we can see that SHIB had pushed up to $0.000036 on the 12th. After reaching this level, the price fell back drastically, falling below the 20 and 50-bar SMAs to $0.000032 on the 13th. SHIB rose to $0.000034 from this level but could not push past the 20-bar SMA and dropped back to $0.000032 on the 15th. SHIB then pushed above the 20-bar SMA, rising to $0.000034, but could not move past the 50-bar SMA. SHIB could stay at this level for the next few sessions, with the 20-bar SMA acting as support, but slipped below the SMA on the 16th and moved to its current level of $0.000032.

We can see that the MACD and Parabolic SAR are both bearish, indicating that we could see the price drop further.

Image: SHIB/USDT 4-hour chart 121721

Image: SHIB/USDT 4-hour

Leading Spanish Crypto Exchange Adds SHIB

Spanish cryptocurrency trading platform Bit2Me has recently added support for Shiba Inu (SHIB) in response to user demand. According to an announcement Bit2Me published on Twitter, it listed Shiba Inu and labeled it one of the cryptocurrencies its users were most asking for.

The firm added that while its goal was to dethrone Dogecoin, it became one of the top cryptocurrencies in the world. Shiba Inu saw its popularity explode this year in a retail trading frenzy. It has been listed on numerous major trading platforms, including Coinbase, Binance, Kraken, and Bybit.

Shiba Inu’s adoption has also been steadily growing over the last few months, to the point, the number of addresses holding SHIB on the Ethereum blockchain recently surpassed the one million mark. According to blockchain data, 30,000 to 40,000 new addresses have been adding SHIB daily.

It’s worth noting the one million figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.

Over 41% of the cryptocurrency’s supply has been burned so far, and the community behind SHIB keeps coming up with new initiatives to burn more tokens and reduce its circulating supply.

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has made a marginal recovery during the current session. If the current sentiment persists, we could see SHIB push to $0.000033, but if sellers take over, the price could drop to $0.000030.