- The Shiba Inu price continued to drop during the ongoing session, with SHIB still unable to break past this level.
- SHIB has not registered any significant movement since Tuesday when it dropped by over 10%.
The Shiba Inu price continued to remain in the red, with SHIB registering a marginal fall and sellers looking to push it below $0.000033. SHIB had registered a drop of over 1% on Friday, falling to $0.000033. The price recovered over the weekend, rising to $0.000034 on Saturday, but fell back in the red on Sunday, registering a marginal drop. The current session sees SHIB back at $0.000033, with sellers looking to drive the price lower.
Shiba Inu Price Chart Indicates SHIB Could Slip Below $0.000033
The Shiba Inu price started the previous weekend on a bullish note, rising by over 4% on Saturday and moving to $0.000037. SHIB continued to push up on Sunday and moved to $0.000038, ending the weekend on a positive note. The price continued to push up on Monday, rising by over 2% and settling at $0.00039. However, after reaching this level, the price fell back on Tuesday, falling by nearly 11% and settling at $0.000034. SHIB remained in the red on Wednesday, falling below the 20-day SMA and settling at $0.000033.
Image: SHIB/USDT daily
After dropping to $0.000033 on Wednesday, the Shiba Inu price registered a marginal recovery on Thursday. However, on Friday, SHIB fell back in the red, falling by 1.13%. The weekend saw SHIB push up by over 2% on Saturday, rising to $0.000034. However, SHIB was unable to move past the 20-day SMA and fell back on Sunday, registering a marginal drop. The current session sees SHIB continue to drop, with the price down by nearly 1%.
We can see that the Parabolic SAR is currently 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 $0.000034. At this price level, over 34,000 addresses have sold more than 49,000 billion SHIB.
Image: IntoTheBlock
The 4-hour Shiba Inu price chart shows us that SHIB had dropped to $0.000033 on the 30th. The price registered a marginal increase from this level, rising to $0.000034. The price could stay at this level before registering a marginal increase. However, with the 20-bar SMA coming into play as resistance, SHIB registered a sharp fall on the 31st, falling to $0.000032. The price recovered from this level, pushing above the 20-bar SMA on the 1st and settling at $0.000034 on the 2nd. With the 20-bar SMA now acting as support, SHIB was able to stay at this level before dropping to its current level of $0.000033.
We can see that the MACD and Parabolic SAR are bullish, but if the price continues to drop, we could see them flip to bearish.
Image: SHIB/USDT 4-hour
38 Trillion SHIB Holder Turns Attention To MATIC
An Ethereum whale, "Light," ranking fourth biggest on WhaleStats, has increased their holdings by buying 1,337,000 MATIC tokens (around $3,315,760). Data provided by WhaleStats shows that the "Light" whale still bets mostly on Shiba Inu. The dog-themed token takes up 27.31% of their portfolio, worth a total of $4,705,346,887.
Shiba Inu comes top among the whale's token holdings, with a balance of 38 trillion Shiba Inu tokens (approx. $1,285,129,470) held. PornHub DAO comes in second with 20.37%, followed by Ethereum at 13.62%, worth $640,886,140. The whale also owns CRO, Enjin Coin, USDT, WBTC, and other coins.
The top 100 Shiba Inu holders have likewise increased their portfolios as WhaleStats reports a 2.36% rise in the average SHIB balance of this category of investors. The average SHIB value has also grown along with the 24-hour volume in the last few days.
Shiba Inu's active addresses among the top 100 increased by 16.67% over 24 hours as SHIB upholds its place as the biggest token position by dollar value. The Shiba Inu network is also growing by welcoming more than 114,450 new users after reaching the one million mark a little over a month ago, bringing the current holder count to over 1,114,450.
As for fundamental growth, the number of holders is a key determinant of the asset's future.
Shiba Inu Price Is Expected To Reach These Levels
Looking at the Shiba Inu price chart, we see that SHIB has been unable to push past the 20-day SMA, with the price in the red during the ongoing session. If the current sentiment persists, we could see SHIB slip below $0.000033.