- On Monday, the Shiba Inu price registered a significant drop, falling by over 10%.
- The current session has seen a marginal recovery, as buyers pushed the price back up to $0.000033.
The Shiba Inu price posted a marginal recovery during the ongoing session, as buyers look to push the price back towards $0.000035. SHIB had started the weekend on a fairly positive note, registering an increase of 2.90% on Saturday. SHIB continued to push up on Sunday, rising by over 6% and ending the weekend on a bullish note. However, on Monday, the price fell back as SHIB dropped by over 10%, falling to $0.000032.
Shiba Inu Price Chart Indicates SHIB Could Drop Further From $0.000033.
The Shiba Inu price started the previous week on a slightly positive note, as it registered an increase of 1.52%. However, the price fell back on Tuesday, dropping by 1.41% and settling at $0.000036. On Wednesday, the see-saw price movement continued, with SHIB pushing up by just over 2% before falling back in the red on Thursday, dropping by over 6% and settling at $0.000034.
Image: SHIB/USDT daily
After dropping by over 6% on Thursday, the Shiba Inu price continued to drop on Friday, falling by 3.46% and settling at $0.000033. However, the weekend saw SHIB recover, with the price rising by almost 3% on Saturday and then registering an increase of over 6% on Sunday to end the weekend at $0.000036. However, Monday saw the price fall back, as SHIB dropped by over 10%, falling to $0.000032, before marginally pushing up during the ongoing session.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000034. At this price level, 12,000 addresses have sold more than 44,000 billion SHIB.
Looking at the 4-hour Shiba Inu price chart, we see that SHIB rose to $0.000037 on the 7th. After reaching this level, the price dropped to $0.000036 on the 8th. SHIB was able to stay at this level for the next few sessions, thanks to the 20-bar SMA acting as support, but dropped below the SMA on the 9th when the price dropped to $0.000035. SHIB continued to drop from this level, eventually dropping to $0.000033 on the 11th. SHIB gradually rose to $0.000034 before pushing above the 20 and 50-bar SMAs on the 12th, rising to $0.000036, and then dropping to $0.000032, slipping back below the 20 and 50-bar SMAs.
We can see that the Parabolic SAR and MACD have both flipped to bearish, indicating that we could see the price drop further.
Image: SHIB/USDT 4-hour
Shiba Inu Price Is Expected To Reach These Levels
Looking at the Shiba Inu price chart, we see that SHIB had fallen drastically at the start of the week, with the price only marginally up during the ongoing session. If SHIB does recover during the ongoing session, we could see SHIB test the resistance at $0.000034. However, if sellers retain control, the price could drop below $0.000032.