Shiba Inu Price Prediction: SHIB Fails To Recover Over Weekend, Drops To $0.000043

Daily Shiba Inu Price Analysis

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Last Updated November 22nd 2021
3 Min Read
  • The Shiba Inu price failed to recover over the weekend, falling by over 7% on Sunday. 
  • SHIB had registered a drop of over 11% on Thursday, dropping to $0.000042. 

The Shiba Inu price endured another bearish weekend, as the price fell by over 7% on Sunday, dropping to $0.000044. SHIB had been bearish over the past week and had registered a sharp drop of almost 12% on Sunday. However, the price recovered on Friday, pushing up by over 14%, and settling at $0.000048. SHIB fell back in the red on Saturday, registering a drop of 1.75% and dropping by 7.45% on Sunday to settle at $0.000044. 

Shiba Inu Price Chart Indicates SHIB Could Drop Below $0.000042. 

The Shiba Inu price started the previous weekend on a bearish note, as the price dropped by over 7% on Friday. SHIB remained in the red on Saturday, dropping by 1.28% and settling at $0.000051. SHIB pushed up on Sunday, rising by almost 3% on Monday and then by 0.55% on Tuesday, settling at $0.000053. However, the price fell back in the red on Tuesday, as it dropped by 9.58%, falling to $0.000048. SHIB remained in the red on Wednesday, as the price registered a marginal drop of 0.35%.

Image: SHIB/USDT daily chart 112221

Image: SHIB/USDT daily

After dropping to $0.000048 on Wednesday, the Shiba Inu price continued to drop on Thursday, as it fell by almost 12%, settling at $0.000042. However, the price made a strong recovery on Friday, rising to $0.000048 after registering an increase of over 14%. The weekend saw SHIB drop back in the red, as the price fell by 1.75% on Saturday, dropping to $0.000047. Sunday saw an even more significant drop, as the price fell to $0.000044 after falling by over 7%. The current session sees the price down by over 1%, currently at around $0.000043.

We can see that the MACD is currently bearish, indicating that we could see the price drop further during the current session.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000049. At this price level, more than 29,000 addresses have sold over 17,816 billion SHIB.

Image: SHIB/USDT volume chart 112221

Image: IntoTheBlock 

Looking at the 4-hour Shiba Inu price, we can see that SHIB had dropped below the 50-bar and 20-bar SMAs, falling to $0.000049. The price continued to be bearish after reaching this level, as it dropped further, slipping below the 200-bar SMA and $0.000047. SHIB posted a marginal recovery from this level, as it pushed back above the 200-day SMA before dropping to $0.000045, where the price found support. As a result, SHIB pushed up drastically on the 19th, pushing past all three SMAs and settling at $0.000051. However, the price could not sustain itself at this level and fell back, slipping below the 50 and 200-bar SMAs, and settling at $0.000048. The price continued to drop, slipping below the 20-bar SMA and settling at $0.000046. After a slight recovery, the price dropped further, falling to its current level of $0.000043.

We can see that the Parabolic SAR has just flipped to bearish, indicating that we could see the price drop further.

Image: SHIB/USDT 4-hour chart 112221

Image: SHIB/USDT 4-hour

Electronics Retailer Newegg To Accept SHIB?

Online electronics retailer Newegg recently ignited Shiba Inu acceptance rumors. In a cryptic tweet posted by the company, it tagged lead developer Shytoshi Kusama and the official Twitter account of the meme coin to come into contact with them. 

The firm said:

"@ShytoshiKusama @Shibtoken DM us. Got a question for ya."

The Shiba Inu community immediately started speculating that Newegg might add SHIB as a new payment option. In April, the electronics-focused online retailer enabled Dogecoin payments.  

Newegg embraced Bitcoin back in 2014, becoming one of the first major retailers in the world to do so. Apart from Bitcoin and Dogecoin, the City of Industry-based company also accepts Bitcoin Cash, Litecoin, Ether, Wrapped BTC, Dai, and four stablecoins (BUSD, USDC, GUSD, and PAX).

Vegas Auto Gallery, a Las Vegas-based luxury auto dealership, also recently added Shiba Inu as a payment option, the company announced.

The dealership’s showroom features various brands, including Lamborghini, Aston Martin, Rolls-Royce, and Bentley. Last week, AMC boss Adam Aron announced that BitPay had agreed to accept Shiba Inu.  

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we see that SHIB has fallen significantly over the weekend, with the price currently down to $0.00043. If the current sentiment persists, then we could see SHIB drop towards $0.000040.