Shiba Inu Price Analysis: SHIB Registers Marginal Increase, Stays Above $0.000043

Daily Shiba Inu Price Forecast

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Last Updated November 23rd 2021
4 Min Read
  • On Monday, the Shiba Inu price posted a marginal recovery in today’s session after dropping below the 50-day SMA. 
  • SHIB had been quite bearish over the weekend and dropped by over 7% on Sunday. 

The Shiba Inu price managed to stay above $0.000043, thanks to strong support at this level allowing the price to push up marginally. SHIB had been quite bearish over the weekend, even though it had registered a sharp increase on Friday that saw the price push up by over 14%. SHIB registered a marginal drop on Saturday, as sellers took control over the weekend. Sunday saw a fall of over 7%, as SHIB dropped to $0.000044 before slipping below the 50-day SMA on Monday. 

Shiba Inu Price Chart Indicates SHIB Could Push Above 50-Day SMA. 

The Shiba Inu price had started the previous weekend on a bearish note, as the price registered a drop of 1.28% on Saturday. However, Sunday saw the price recover, as it rose by almost 3%, ending the weekend at $0.000053. Monday saw SHIB post a marginal increase before dropping by almost 10% on Tuesday and falling to $0.000048. SHIB stayed in the red on Wednesday, registering a marginal drop, before another sharp drop on Thursday drove the price down to $0.000042.

Image: SHIB/USDT daily chart 112321

Image: SHIB/USDT daily

After dropping to $0.000042, the Shiba Inu price made a strong recovery on Friday, rising by over 14% and settling at $0.000048. However, the price fell back over the weekend, registering a drop of 1.75% on Saturday and 7.45% on Sunday to end the weekend at $0.000044, just above the 50-day SMA. Monday saw the bearish sentiment continue, as the price dropped below the 50-day SMA, before recovering during the current session.

We can see that the Parabolic SAR is currently bearish, but if the price continues to push up, we could see it flip to bullish.

Looking at the Shiba Inu price, we see that SHIB faces strong resistance at around $0.000049. At this price level, more than 29,000 addresses have sold over 17,179 billion SHIB.

Image: SHIB/USDT volume chart 112321

Image: IntoTheBlock 

The 4-hour Shiba Inu price chart shows us that SHIB had slipped below the 20 and 50-bar SMAs on the 16th when the price fell to $0.000049. The price continued to drop from this level, as it fell below the 200-bar SMA, dropping to $0.000047. SHIB made a marginal recovery from this level, but with the 200-bar SMA now acting as resistance, the price dropped significantly, falling to $0.000042. SHIB made a strong recovery from this level, as the price surged to $0.000051, pushing past all three SMAs. However, the price could not stay at this level and dropped to $0.000048, slipping below the 200 and 50-bar SMAs. The price continued to drop from this level, falling below the 20-bar SMA and settling at $0.000043 before rising to its current level of $0.000044.

We can see that SHIB has support at $0.000043, indicating that the price could push higher. If the price does increase, we could see the MACD flip to bullish.

Image: SHIB/USDT 4-hour chart 112321

Image: SHIB/USDT 4-hour

SHIB And DOGE Top Crypto Popularity List In 30 US States

According to research conducted by The Advisor Coach and obtained by Business Insider, joke coins Dogecoin (DOGE) and Shiba Inu (SHIB) were the most-searched tokens on Google in 30 US states. 

Dogecoin, founded in 2013, ranked top in 23 states, including Florida, Illinois, and Michigan. The rise in interest can be partially attributed to the token’s significant returns in 2021 alongside endorsement by celebrities, including Tesla CEO Elon Musk. 

Elsewhere, SHIB was the most searched cryptocurrency in seven states, including Califonia and Nevada. Similarly, SHIB’s surge in value can be tied to the token’s impressive returns since hitting the market last year. The coin that ranked fourth overall has skyrocketed in value by at least 14,000,000%.

Interestingly, Bitcoin was the most-searched asset in just 10 US states, including Connecticut, Alaska, and Mississippi rank in the second spot overall. Ethereum came in third place as the most searched cryptocurrency in eight states. Notably, both Bitcoin and Etrhereum searches were cumulatively low when compared to Dogecoin. 

The searches highlight the impact of the hype around the two meme coins that have outshined historical assets that have remained prominent in the digital currency space for years. On the other hand, Ethereum ranking higher than SHIB indicates that the historical cryptocurrencies still have strength. 

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we see that SHIB has risen marginally during the current session. If the price continues to push up, we could see SHIB push past the 50-day SMA and settle at $0.000045.