- The Shiba Inu price remained in the red today and is currently down by over 3%.
- SHIB has been extremely bearish in recent sessions and had dropped nearly 16% on Friday.
The Shiba Inu price remained in the red during the ongoing session, as it struggles to stay above $0.000020. SHIB had registered a sharp drop on Friday, falling to $0.000022, and then continued to drop over the weekend, falling to $0.000020. However, the price was able to recover on Sunday, rising over 9% and ending the weekend at $0.000022. The current week started with SHIB still in the red, dropping by nearly 6% and falling to $0.000021, before dropping to $0.000020 during the ongoing session.
Shiba Inu Price Chart Indicates SHIB Struggling To Stay Above $0.000020
The Shiba Inu price started the previous weekend by registering a marginal increase on Saturday before dropping by 1.10% on Sunday. With the 20-day SMA acting as resistance at this level, the price fell back on Monday, dropping over 5% and settling at $0.000028. The price continued to drop on Tuesday, falling by 2.64%, and then continued to drop on Wednesday, when the price dropped by nearly 3% to $0.000027.
Image: SHIB/USDT daily
The Shiba Inu price remained in the red on Thursday as well, dropping by 3.01% and settling at $0.000026. Friday saw SHIB register a significant drop, falling by nearly 16%, slipping below the 200-day SMA, and settling at $0.000022. The weekend started with SHIB dropping by nearly 8% on Saturday, but despite the bearish sentiment, it recovered on Sunday, pushed up by over 9%, and settled at $0.000022. However, SHIB was back in the red on Monday, dropping by nearly 6% to $0.000021. The current session sees SHIB down over 4%, as sellers look to drive the price even lower.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.
IntoTheBlock’s IOMAP for the Shiba Inu price indicates that SHIB has strong support at around $0.000018. At this price level, over 8000 addresses have bought more than 410,642 billion SHIB.
The 4-hour Shiba Inu price chart indicates that SHIB had dropped to $0.000027 on the 19th. The price pushed back up from this level, pushing above the 20-bar SMA and rising to $0.000028 on the 20th. However, the price could not stay at this level and registered a sharp drop, falling to $0.000025 on the 21st and then to $0.000018 on the 22nd. SHIB managed to register a strong recovery from this level, rising to $0.000023, but with the 20-bar SMA coming into play as resistance, SHIB fell back, dropping to $0.000021, and then to $0.000019 on the 24th. The price pushed back up from this level, rising to $0.000021, and then moved to its current level of $0.000020.
The MACD is currently bullish, but if the price continues to drop, we could see it flip to bearish.
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 registered a fairly significant drop in the ongoing session. If sellers continue to dominate the market, we could see SHIB drop below $0.000020. However, if SHIB can recover from this level, the price could push back above $0.000020.