Shiba Inu Price Analysis: SHIB Finds Support At $0.000055, Pushes Up Marginally

Daily Shiba Inu Technical Analysis

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Last Updated November 10th 2021
3 Min Read
  • The Shiba Inu price continued to drop on Monday, falling by over 3%. 
  • The current session sees SHIB post a marginal recovery, with the 20-day SMA acting as support. 

The Shiba Inu price has recovered marginally during the current session, with the price finding support at the 20-day SMA. SHIB has been extremely bearish since the weekend, with the price falling by over 6% on Saturday and a further 2.93% on Sunday to end the weekend at $0.000056. Monday saw SHIB continue to drop, as it fell to $0.000055, where the 20-day SMA was acting as support. As a result, SHIB posted a minor recovery during the current session, but we could still see the price drop if sellers retake the session. 

Shiba Inu Price Chart Indicates SHIB Could Drop Below 20-Day SMA. 

The Shiba Inu price was bearish over the previous weekend as well, as it fell by almost 13% on Saturday before posting a marginal recovery on Sunday. Monday saw SHIB push up further, as the price rose by over 7%, rising to $0.000071, before turning bearish on Tuesday and dropping by 3.24%. Wednesday saw a significant drop, as SHIB fell by almost 20%, dropping to $0.000055 before a further drop on Thursday pushed the price down to $0.000049, where the 20-day SMA was acting as support.

Image: SHIB/USDT daily chart 111021

Image: SHIB/USDT daily

After dropping to $0.000049 on Thursday, the Shiba Inu price made a strong recovery on Friday, rising by over 26% and moving up to $0.000062.The weekend saw SHIB back in the red, dropping by over 6% on Saturday and a further 2.93% on Sunday, as SHIB ended the weekend at $0.000056. The current week started in the same vein, as SHIB remained bearish on Monday, falling by over 3%. The current session sees SHIB down to $0.000054, with sellers looking to take control of the session. We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000059. At this price level, more than 12,000 addresses have sold over 22,986 billion SHIB.

Image: SHIB/USDT volume chart 111021

Image: IntoTheBlock 

The 4-hour Shiba Inu price chart shows us that SHIB had dropped below the 20 and 50-bar SMAs, falling to $0.000044 on the 3rd. The price recovered from this level, as the price pushed up to $0.000062, moving above the 20-bar SMA. The price then dropped to $0.000057, but with the 20-bar SMA now acting as support, the price stayed at this level for the next few sessions. SHIB dropped below the 20-bar SMA on the 8th, when the price fell to $0.000054, which is where SHIB is still at. We can see that the Parabolic SAR is currently bearish, while the MACD is still bullish. However, if the price continues to drop further, we could see the MACD flip to bearish.

Image: SHIB/USDT 4-hour chart 111021

Image: SHIB/USDT 4-hour

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we can see that SHIB has found support in the form of the 20-day SMA. If sellers manage to pierce this level, then the price could drop to $0.000050.