Shiba Inu Price Prediction: SHIB Drops Below $0.000050 As Bearish Week Continues

Daily Shiba Inu Technical Analysis

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Last Updated November 17th 2021
4 Min Read
  • The Shiba Inu price fell by almost 10% on Tuesday, slipping below $0.000050. 
  • The current session sees SHIB at $0.000047, with sellers looking to push the price further down. 

The Shiba Inu price continued its descent, slipping further during the current session, falling below its support level of $0.000048. SHIB had ended the weekend on a positive note, as it registered an increase of almost 3%. SHIB continued to push up on Monday but fell into the red on Tuesday, registering a drop of almost 10%, slipping below $0.000050 and settling at $0.000048. The current session sees SHIB remain in the red, as sellers look to push the price down to $0.000045. 

Shiba Inu Price Chart Indicates SHIB Could Drop Below $0.000045. 

The Shiba Inu price has been bearish for most of the past couple of weeks and had started the previous weekend in a similar vein, dropping by over 6% on Saturday and almost 3% on Sunday to end the weekend at $0.000056. The bearish trend continued on Monday, as SHIB registered a drop of 3.04% to settle at $0.000055. Tuesday saw the price slip below the 20-day SMA and settle at $0.000054 before dropping by over 8% on Wednesday, falling to $0.000050.

Image: SHIB/USDT daily chart 111721

Image: SHIB/USDT daily

After dropping to $0.000050 on Wednesday, the Shiba Inu price pushed up on Thursday, rising by almost 13% and settling at $0.000056. However, the price was back in the red on Friday as it dropped by over 7% to settle at $0.000052. The weekend saw another drop on Saturday, but the price recovered marginally on Sunday to end the session at $0.000053. The current week started on a positive note as SHIB registered a marginal increase. However, the price fell back on Tuesday, as SHIB dropped by almost 10%, slipping below $0.000050 and settling at $0.000048. The current session sees SHIB at $0.000047, with sellers looking to push the price further.

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 $0.000052. At this price level, more than 36,000 addresses sold over 9566 billion SHIB.

Image: SHIB/USDT volume chart 111721

Image: IntoTheBlock 

The 4-hour Shiba Inu price chart shows us that SHIB had dropped to $0.000049 on the 10th. The price pushed up from this level, as it rose to $0.000056, pushing above the 20 and 50-bar SMAs. However, the price could not stay at this level and fell to $0.000052. At this level, the 20-bar SMA was acting as resistance, and SHIB could not push past this level until the 14th when it pushed past the 50-bar SMA and settled at $0.000053. SHIB then pushed above the 50-bar SMA on the 15th, rising to $0.000054, but fell back into the red as it fell drastically to $0.000049, slipping below the 20 and 50-bar SMAs. SHIB continued to drop from this level, with the price slipping below the 200-bar SMA to its current level of $0.000047.

The MACD is currently bearish, indicating that we could see the price drop further during the current session. However, if the price drops further, then it could move below the neutral zone, as indicated by the RSI, meaning we could see the price recover if that happens.

Image: SHIB/USDT 4-hour chart 111721

Image: SHIB/USDT 4-hour

Gemini Adds Support For SHIB

Popular cryptocurrency exchange Gemini recently announced support for Shiba Inu (SHIB), revealing it will initially add support for deposits and custody before rolling out trading.

In an announcement, Gemini added that it was not just adding support for SHIB but also for a “range of new DeFi, metaverse, infrastructure, and data management tokens.” The exchange detailed it is adding support for audius (AUDIO), quant (QNT), wrapped centrifuge (WCFG), mask network (MASK), burn (ASH), radicle (RAD), superrare (RARE), fetch.ai (FAT), and numeraire (NMR).”

The exchange will enable trading for these tokens along with trading for API3 (API3) and USD Coin (USDC). These two coins are already supported for custody. The announcement added:

"Trading will first open on our API/FIX and ActiveTrader applications for USD trading pairs. It will then open on our Gemini Mobile App and website on a rolling, token-by-token basis for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs."

Gemini’s announcement also noted it now supports over 60 tokens for trading and custody, with 16 additional crypto assets being available for custody on the platform. Per earlier reports, Shiba Inu supporters have been fighting for more listings on exchanges. 

Supporters of the SHIB cryptocurrency have also been fighting for a listing on commission-free trading platform Robinhood.

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we see that SHIB continues to drop during the current session. If the current sentiment persists, then we could see SHIB drop to $0.000045.