Shiba Inu Price Prediction: SHIB Back In The Red After Weekend Recovery, Drops To $0.000035

Daily Shiba Inu Technical Analysis

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Last Updated December 13th 2021
5 Min Read
  • The Shiba Inu price fell back during the ongoing session, as sellers pushed the price down to $0.000035 
  • SHIB had recovered over the weekend, snapping a bearish streak to move up to $0.000036 on Sunday 

The Shiba Inu price was back in the red, as it started Monday on a bearish note, with SHIB currently down by almost 3%. SHIB had entered the weekend on a bearish note, as the price dropped by 3.46% on Friday. However, the weekend saw SHIB post a marginal recovery on Saturday, rising by 2.90%. Sunday saw a bigger increase, as the price rose by over 6%, settling at $0.000036. 

Shiba Inu Price Chart Indicates SHIB Could Slip Below $0.000035 

The Shiba Inu price started the previous weekend on a fairly bearish note, as the price dropped by 4.29% on Friday. The drop continued on Saturday, with SHIB dropping by almost 10% and $0.000036. Sunday saw a marginal drop before SHIB recovered on Monday, rising by 1.52%. However, the price fell back on Tuesday, falling by 1.41%, but then pushed back up on Wednesday, rising by 2.01% and settling at $0.000036 again.

Image: SHIB/USDT daily chart 121321

Image: SHIB/USDT daily

After rising by over 2% on Wednesday, the Shiba Inu price fell by over 6% on Thursday, dropping to $0.000034. The price continued to drop on Friday, registering a fall of 3.46% and settling at $0.000033. However, SHIB recovered on Saturday, rising by 2.90%, before another increase of 6.19% on Sunday pushed SHIB up to $0.000036. However, the current session sees SHIB down marginally, with the price down to $0.000035.

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 see that SHIB has strong support at around $0.000035. At this price level, over 10,000 addresses have bought more than 56,900 billion SHIB.

Image: SHIB/USDT volume chart 121321

Image: IntoTheBlock 

The 4-hour Shiba Inu price chart shows us that SHIB had pushed above the 20-bar SMA on the 7th when the price rose to $0.000036. The price continued to push higher from this level, rising to $0.000037, but fell back, dropping to $0.000036. With the 20-bar SMA acting as support, SHIB could stay at this level for the next few sessions before slipping below the 20-bar SMA on the 9th, dropping to $0.000035. The price continued to drop from this level, falling to $0.000033 on the 11th, before gradually rising to $0.000034. SHIB pushed above the 20 and 50-bar SMA on the 13th, when the price rose to $0.000036 but has dropped back to its current level of $0.000035.

We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price rise from this level.

Image: SHIB/USDT 4-hour chart 121321

Image: SHIB/USDT 4-hour

Shiba Inu Gets Avalanche Bridge

Avalanche Bridge, introduced by Ava Labs in July, recently added support for Shiba Inu. The tool allows seamless moving of Ethereum tokens to the Avalanche mainnet. The firm announced:

"Avalanche Bridge (AB) is adding new tokens that can be transferred between Avalanche and Ethereum. First up, $SHIB incoming!"

Users can also transfer wrapped versions of Bitcoin and Ethereum with the help of the bridge. Per earlier reports, Avalanche's native token, AVAX, surpassed Shiba Inu by market cap in late November amid a record-setting rally. The two cryptocurrencies have remained neck-and-neck since.

Ava Labs CEO Emin Gün Sirer recently described Shiba Inu as "a zero-sum game," adding that the cryptocurrency is not his cup of tea. Ripple CTO David Schwartz also criticized meme crypto Shiba Inu recently.

The architect behind the XRP Ledger mocked the token’s gargantuan supply, joking that losing a zillion SHIB tokens would amount to a loss of a minuscule $1.37. 

However, SHIB appears to be growing rapidly. Flexa, a cryptocurrency payments company backed by the Winklevoss twins, recently added support for Shiba Inu, according to a recent announcement.

This means that the holders of the hottest meme coin can now spend it at roughly 40,000 stores across the US. The extensive list of supported merchants includes video game seller GameStop, luxury retailer Nordstrom, home improvement company Lowe’s, pet retailer Petco, domestic merchandise and home furnishings company Bed Bath & Beyond, beauty store chain Ulta Beauty and plenty of other major retailers.

SHIB Whale Holds 3.2 Trillion Shiba Inu

According to WhaleStats, the crypto market has witnessed the birth of a new SHIB whale. The anonymous buyer, who has been on a recent accumulation spree, currently holds nearly 3.2 trillion SHIB tokens. In three large transactions, the SHIB whale bought $120,342,829 million worth of Shiba Inu to join the growing list of large holders for the dog-themed coin.

The first large transaction appeared on the blockchain a few days ago when the whale bought nearly 3.15 trillion Shiba Inu tokens ($105,487,757 worth). This was followed by two transactions within a period of 30 minutes of 84.7 billion SHIB ($3,233,066) and 8 billion SHIB ($275,776).

Per earlier reports, SHIB is now listed as a payment method on Travala.com to book over 3 million travel products worldwide. Electronics seller Newegg stated in late November, integrating Shiba Inu through a partnership with payment processing service BitPay.

Likewise, the AMC movie theater chain became the first BitPay customer to accept Shiba Inu. In mid-November, CEO Adam Aron confirmed that the new payment option would be added in early 2022. Currently, video game seller GameStop, luxury retailer Nordstrom, home improvement company Lowe’s, pet retailer Petco, domestic merchandise and home furnishings company Bed Bath & Beyond, etc., accept SHIB.

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we see that SHIB has dropped during the ongoing session. However, the price has strong support at $0.000035, so we could see the price recover from this level.