- The Shiba Inu price has registered a significant rise during the ongoing session and is currently up by over 16%.
- SHIB has been bearish all week and had slipped below the 50-day SMA on Monday.
The Shiba Inu price has made a strong recovery during the current session, as buyers managed to push the price back above $0.000040 and to $0.000043. SHIB has been bearish all week and had slipped below the 50-day SMA on Monday. Tuesday saw the price drop further, as SHIB fell by over 3% before it fell by almost 10% on Wednesday to drop below $0.000040 and settle at $0.000037.
Shiba Inu Price Chart Indicates SHIB Could Push To $0,000045.
The Shiba Inu price started the previous week, registering a marginal increase on Monday. However, the price was back in the red on Tuesday, as it fell drastically by almost 10% and settled at $0.000048. Wednesday das SHIB remain in the red, as it registered a marginal drop before falling by almost 12% on Thursday, dropping to $0.000042. The price recovered on Friday, as buyers pushed the price up by over 14%, with SHIB settling at $0.000048.
Image: SHIB/USDT daily
Despite the strong session on Friday, the Shiba Inu price fell back over the weekend, falling by 1.75% on Saturday and over 7% on Sunday to end the weekend at $0.000044. The bearish sentiment persisted on Monday as SHIB fell below the 50-day SMA before registering another drop of 3.12% on Tuesday. Wednesday saw SHIB slip below $0.000040, dropping to $0.000037 after registering a drop of almost 10%. However, SHIB has made a strong recovery during the current session, increasing by over 16%.
Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000049. At this price level, over 28,000 addresses have sold more than 10,000 billion SHIB.
Image: IntoTheBlock
The 4-hour Shiba Inu price chart shows us that SHIB had dropped to $0.000042 on the 19th. SHIB made an extremely strong recovery from this level, as it rose to $0.000051, pushing above all three SMAs. However, after reaching this level, the price turned bearish, and SHIB fell to $0.000048, slipping below the 200 and 50-bar SMAs. The price remained bearish, as it slipped below the 20-bar SMA and settled at $0.000043. SHIB could only make a marginal recovery from this level before dropping to $0.000037. The price pushed up from this level, rising to $0.000042, where the 20-bar SMA was acting as resistance. As a result, the price fell back to $0.000039. The price then rose significantly, pushing back above the 20-bar SMA and settling at its current level of $0.000043.
We can see that the MACD is currently bullish, indicating that we could see the price push higher.
Image: SHIB/USDT 4-hour
This Whale Has Acquired >800B SHIB
According to WhaleAlert, a cryptocurrency whale seems to be loading up on meme coin Shiba Inu (SHIB). The investor shelled out $36,890,600 to purchase over 850 billion SHIB tokens recently. The transaction appears to be either a private one or an over-the-counter (OTC) trade.
This investment stands out as it is contrary to the general trend of whales consolidating their positions into stablecoins and other prominent digital assets. Notably, SHIB has been declining for a while now. However, the whale may have a long-term view for investing as SHIB as the coin supporters expect it to climb higher soon.
Coinbase’s recent report on the cryptocurrency market indicated that the Shiba Inu had lost steam in the market. Coinbase’s data showed that SHIB had lost its place as the top volume driver on the exchange to Bitcoin and Ether. They noted that this was due to “the retail meme coin mania” cooling off in the market.
The strain the price of SHIB is experiencing is also reflected in other meme coins such as Dogecoin (DOGE) and Floki, which are also down from their recent local tops. Despite this, metrics also show that the Shiba Inu community is expanding as is the number of investors entering the market.
After experiencing a sharp drop recently, the number of SHIB holders has reached a new all-time high and surpassed the 1 million mark. The growing community has also come with various scams targeted at it. This made the developers of the meme coin warn community members to be wary of offerings of any kinds of promotions, including airdrops, bonuses, giveaways, or gifts on social media platforms.
Shiba Inu Price Is Expected To Reach These Levels
Looking at the Shiba Inu price chart, we see that SHIB has made a strong recovery during the ongoing session. If the current sentiment persists, we could see SHIB push past $0.000045.