- The Shiba Inu price continued to drop during the ongoing session, slipping to $0.000029.
- SHIB has been quite bearish over the past week, spending most of the sessions in the red.
The Shiba Inu price has slipped below $0.000030 during the current session, as sellers ensured that SHIB got off to a bearish start to the new week. SHIB had registered a drop of almost 5% on Friday, as it fell to $0.000031. However, the price recovered on Saturday, although it registered only a marginal increase, before falling back on Sunday, dropping by 2.04% and settling at $0.000030, before dropping further during the ongoing session.
Shiba Inu Price Chart Indicates SHIB Could Find Support At $0.000029
The Shiba Inu price started the previous weekend on a reasonably positive note, rising by almost 3% on Saturday and settling at $0.000034. The price continued to push up on Sunday, rising by over 6% and settling at $0.000036. However, the price fell back on Monday, dropping by over 10% and settling at $0.000032. Despite the bearish start to the week, SHIB pushed up on Tuesday, rising by over 3% and settling at $0.000033. However, the price fell back on Wednesday, registering a marginal drop of 0.50%.
Image: SHIB/USDT daily
After a marginal drop on Wednesday, the Shiba Inu price fell by over 3% on Thursday, dropping to $0.000032. SHIB continued to drop on Friday, as the price fell by almost 5% and settled at $0.000031. However, the weekend started with a marginal recovery, as SHIB pushed up by 0.83% on Saturday before falling back in the red on Sunday, dropping by over 2%. The current session sees SHIB presently down by over 5%, as sellers look to push the price below $0.000029.
We can see that the Parabolic SAR and MACD are both 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 $0.000031. At this price level, over 18,000 addresses have sold more than 5645 billion SHIB.
Looking at the 4-hour Shiba Inu price chart, we can see that SHIB had pushed up to $0.000033 on the 15th. The price moved above the 20-bar SMA on the 16th, when it rose to $0.000034, before dropping back below the 20-bar SMA and dropping to $0.000031 on the 18th. SHIB pushed up marginally from this level, rising to $0.00032, but could not move past this level thanks to the 20-bar SMA acting as resistance. SHIB stayed at this level for the next few sessions before dropping to its current level of $0.000029.
We can see that the MACD and Parabolic SAR are both bearish, indicating that the price could drop further.
Image: SHIB/USDT 4-hour
SHIB Burn Rate Is Doubling In The Next Two Months?
Bigger Entertainment CEO Steven Cooper recently said that his team expects to double their SHIB burn rate. The firm accepts SHIB for music, merch, tickets to events, and NFTs and burns these coins over the next sixty days.
SHIB gets burned during “burn parties”, the upcoming one is to take place the next day after Christmas, on December 26. Cooper noted that his team is looking for new ways to burn SHIB. He added that they are truly “just getting started.”
"We’ve got some big surprises in store after our burn party. We are truly just getting started with all the ways to burn #shib. Make sure you’re playing/sharing our artists. It’s the foundation of everything we’re building. Our burn rate should double over the next 60 days."
Earlier, Cooper tweeted that his team would burn one billion Shiba Inu tokens on December 13 if 7,500 SHIB holders spent $5 at Bigger Entertainment to buy a ticket to the “burn party.”
Cooper also tweeted that in December so far, his team had burned 7 million SHIB. According to Etherscan, 7,039,297.46717959 SHIB tokens were sent to a null address 0xdead000000000000000042069420694206942069.
Shiba Inu Price Is Expected To Reach These Levels
Looking at the Shiba Inu price chart, we can see that SHIB has been extremely bearish over the past couple of weeks. If SHIB can find support at $0.000029, then we could see the price recover and move above $0.000030, but if the current sentiment persists, we could see SHIB drop below $0.000029.