- The Shiba Inu price remained in the red during the ongoing session, as it slumped to $0.000025.
- SHIB has been in the red almost all week and had dropped by nearly 9% on Thursday.
The Shiba Inu price is down by almost 8% during the ongoing session, as bears drove SHIB down considerably. SHIB had registered a sharp fall on Thursday, falling by almost 9% to $0.000028 and then registering a marginal drop on Friday. The weekend saw the bearish sentiment persist, as the price fell by over 2%, falling to $0.000027, before dropping below all three SMAs during the ongoing session.
Shiba Inu Price Chart Indicates Strong Support At Around $0.000024
The Shiba Inu price dropped by almost 7% on Friday, entering the previous weekend on a bearish note. SHIB recovered over the weekend, rising by 1.53% on Saturday and then rising by 3.40% on Sunday to end the weekend at $0.000030. However, the price fell back on Monday, falling by almost 2%, dropping to $0.000029, before making a relatively strong recovery on Tuesday, rising by almost 6% and moving to $0.000031.
Image: SHIB/USDT daily
After pushing up to $0.000031 on Tuesday, the Shiba Inu price fell back on Wednesday, falling by 1.02%. Thursday saw the bearish sentiment intensify, as the price fell by almost 9%, falling to $0.000028, and then registering a marginal drop on Friday. SHIB remained bearish over the weekend as well, dropping by over 2% on Saturday before falling below all three SMAs during the ongoing session and falling to $0.000025.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further to $0.000024.
Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we see that SHIB has strong support at around $0.000024. At this price level, over 1.7k addresses have bought more than 50t SHIB.
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The 4-hour Shiba Inu price chart shows us that SHIB had pushed up to $0.000031 on the 15th, moving past the 50-bar SMA. The price fell back from this level, dropping below the 50-bar SMA and falling to $0.000030, where the 20-bar SMA acted as support. As a result, SHIB was able to push back above the 50-bar SMA, moving to $0.000032 on the 17th. However, SHIB turned bearish after reaching this level, dropping back below the 20 and 50-bar SMAs and falling to $0.000028. SHIB pushed up to $0.000029 from this level but fell back into the red, dropping to $0.000027 on the 19th, then slipping below the 200-bar SMA, falling to its current level of $0.000025.
We can see that the MACD and Parabolic SAR are bearish, indicating that the price could drop further.
Image: SHIB/USDT 4-hour
Shiba Inu Price Is Expected To Reach These Levels
Looking at the Shiba Inu price chart, we see that SHIB has been extremely bearish during the entire week and is currently down by over 7%. However, SHIB has strong support at around $0.000024. If the current sentiment persists, we could see SHIB drop to $0.000024, where the price could find support. However, if bearish sentiment pierces this level of support, we could see SHIB drop towards $0.000020.