- The Shiba Inu price registered a strong recovery during the current session and is presently up by over 7%.
- SHIB had dropped to $0.000037 after a bearish session on Wednesday.
The Shiba Inu price has been quite bearish since the weekend, dropping by over 7% on Sunday. Monday saw the price slip below the 50-day SMA as it registered a marginal drop. The price remained in the red on Tuesday and Wednesday, dropping by 3.12% on Tuesday and almost 10% on Wednesday, slipping below $0.000040 and settling at $0.000037. However, the current session has seen a strong recovery, with SHIB up to $0.000040.
Shiba Inu Price Chart Indicates SHIB Could Push Past $0.000040
The Shiba Inu price started the previous week on a slightly positive note, as it registered a marginal increase on Monday. However, SHIB fell back on Tuesday, dropping by almost 10% and settling at $0.000048. The price remained bearish on Wednesday, registering a marginal drop, before falling by 11.70% on Thursday and settling at $0.000042. At this level, the 50-day SMA was acting as support, and as a result, the price pushed up on Friday, rising by over 11% and settling at $0.000048.
Image: SHIB/USDT daily
After rising by over 11% on Friday, the Shiba Inu price fell back into the red over the weekend, as it dropped by 1,75% on Saturday. Sunday saw SHIB drop further as it fell by 7.45% and ended the weekend at $0.000044. The current week started with the bearish sentiment still going strong, as SHIB slipped below the 50-day SMA on Monday. Tuesday saw another drop of over 3%, and after Wednesday’s drop of almost 10%, SHIB slipped below $0.000040 and settled at $0.000037. However, during the current session, SHIB has seen a strong recovery, with the price already up by over 7%.
We can see that the MACD is currently bearish; however, if the price continues to push up, 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 $0.000037. At this price level, more than 8000 addresses have bought over 21,661 billion SHIB.
The 4-hour Shiba Inu price chart shows us that SHIB had dropped to $0.000042 on the 19th after slipping below the 200-bar SMA. SHIB made an extremely strong recovery from this level, as the price rose to $0.000051, pushing above the 20, 50, and 200-bar SMAs. However, after reaching this level, the price turned bearish and fell below the 200 and 50-bar SMAs, dropping to $0.000048. The price continued to remain bearish, as it slipped below the 20-bar SMA on the 21st, dropping to $0.000043. SHIB could only post a marginal recovery from this level, as it rose to $0.000044 before dropping sharply to $0.000037. The price pushed back up to $0.000042 and then fell to its current level of $0.000040.
We can see that the Parabolic SAR has just flipped to bullish, indicating that the price could push up during the current session.
Image: SHIB/USDT 4-hour
Shiba Inu Price Is Expected To Reach These Levels
The Shiba Inu price chart shows us that SHIB has made a strong recovery during the current session. With strong support at around $0.000037, we could see the price push above $0.000040.