- The Shiba Inu price is up by over 2% during the ongoing session as buyers return to the market.
- SHIB has been extremely bearish in recent sessions and had dropped by almost 6% on Monday.
The Shiba Inu price has recovered during the ongoing session, as it looks to reverse the prevailing bearish trend. SHIB had dropped over 2% on Saturday and then registered a drop of over 7% on Sunday, slipping below all three SMAs. SHIB continued to remain in the red on Monday, falling by 5.58% and settling at $0.000024 before recovering during the ongoing session.
Shiba Inu Price Chart Indicates SHIB Could Push To $0.000025
The Shiba Inu price started the previous weekend on a fairly bullish note, rising by 1.53% on Saturday and then by 3.40% on Sunday to end the weekend at $0.000030. On Monday, the price fell back, dropping by almost 2% before recovering on Tuesday, rising by almost 6% and settling at $0.000031. The price fell back on Wednesday, dropping by 1.02%, and then registering a sharp drop of almost 9% on Thursday and dropping to $0.000028.
Image: SHIB/USDT daily
The Shiba Inu price remained in the red on Friday, registering a marginal drop on Friday and then falling by 2.17% on Saturday, dropping to $0.000027. SHIB continued to drop from this level as it slipped below all three SMAs, falling to $0.000025 and ending Sunday on a bearish note. Monday saw the bearish sentiment persists, as SHIB dropped to $0.000024 before recovering during the ongoing session.
We can see that the MACD is currently bearish, but if SHIB can recover and push above $0.000025, we could see it flip to bullish.
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 1.72k addresses have bought more than 50t SHIB.
Check Out: Why Shiba Inu (SHIB) Is So Cheap?
The 4-hour Shiba Inu price chart shows us that SHIB had dropped below the 20 and 50-bar SMAs on the 17th, falling to $0.000029. SHIB continued to drop from this level, dropping to $0.000028, before registering a marginal recovery and rising to $0.000029 on the 18th. SHIB fell back from this level, dropping to $0.000027 and then to $0.000025 on the 20th. The 200-bar SMA acted as support at this level, and the price recovered, rising to $0.000027. The 20-bar SMA acted as resistance at this level, and the price fell back, dropping below the 200-bar SMA and falling to $0.000023, before recovering and rising to its current level of $0.000024.
We can see that the Parabolic SAR and MACD are both bearish, but if SHIB can push past $0.000025, we could see them flip to bullish.
Image: SHIB/USDT 4-hour
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 in recent sessions, although it has pushed up marginally during the ongoing session. If the current sentiment persists, we could see SHIB push above the $0.000025 level.