Shiba Inu Price Prediction: SHIB Registers Sharp Drop, Falls Below $0.000035

Daily Shiba Inu Technical Analysis

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Last Updated December 29th 2021
4 Min Read
  • The Shiba Inu price fell significantly during the current session, as sellers pushed SHIB below $0.000034. 
  • SHIB has been quite bullish in recent sessions and had registered a significant increase of over 10% on Thursday. 

The Shiba Inu price registered a sharp drop during the current session and is presently down by over 11%, with sellers in control. SHIB had registered a significant drop of over 6% on Friday, with the price dropping by over 6%. However, SHIB was back in the green over the weekend, rising by over 4% on Saturday and rising by 1.41% on Sunday to end the weekend at $0.000038. On Monday, the price continued to push up, rising to $0.000039, before dropping back during the current session. 

Shiba Inu Price Chart Indicates 20-Day SMA Could Act As Support. 

The Shiba Inu price started the previous weekend on a slightly positive note, registering a marginal increase on Saturday and dropping by over 2% on Sunday. SHIB recovered on Monday, rising to $0.000031, before pushing up to $0.000032 on Tuesday, an increase of over 5%. Wednesday saw SHIB move beyond the 20-day SMA, rising by nearly 7% and settling at $0.000035, before rising by over 10% on Thursday and settling at $0.000038.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 122921

After rising to $0.000038 on Thursday, the Shiba Inu price fell back on Friday, dropping by over 6% and settling at $0.000036. The weekend saw SHIB recover, rising to $0.000037 on Saturday and then rising by 1.41% on Sunday to end the weekend on a positive note at $0.000038. The Shiba Inu price continued to push up on Monday, rising by over 2% and settling at $0.000039 before falling back significantly during the current session.

We can see that the Parabolic SAR is currently 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 $0.000035. At this price level, over 41,000 addresses have sold more than 23,500 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 122921

The 4-hour Shiba Inu price chart shows us that SHIB had pushed up significantly on the 22nd, rising to $0.000037. The price fell back from this point, falling to $0.000035, before pushing past the 200-bar SMA on the 23rd, and settling at $0.000039. The price fell back from this level, slipping back below the 200-bar SMA and settling at $0.000036. At this level, the 20-bar SMA acted as support, and SHIB pushed back above the 200-bar SMA and gradually moved to $0.000039 on the 28th. SHIB turned bearish after reaching this level, slipping below all three SMAs and settling at $0.000034.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 122921

Shiba Inu Whale “Gimli” Is Now Acquiring SAND

A crypto whale, "Gimli," currently holding 1 trillion Shiba Inu tokens and ranked sixth on WhaleStats, has increased their SAND holdings. According to the whales' surveillance website, ''Gimli'' has bought an additional 585,844 SAND tokens, or $3,913,438 worth. This brings the total balance of SAND tokens held by the investor to 3,132,275 (approximately $19,528,762). 

SAND is the native crypto asset of The Sandbox. Recently, another Ethereum whale bought 859,518 SAND tokens ($5,775,962 worth), per WhaleStats. Asides from Shiba Inu, the famous ''Gimli'' holds META, NIKE, Ethereum, MANA, MATIC, and other coins. The overall worth of their ERC-20-based crypto assets is valued at around $2,205,392,592.

WhaleStats analysis recently indicated that Shiba Inu remains the biggest token position by dollar value among ETH whales and the second-largest holding after Ethereum. The Ethereum whale ''Gimli'' was notorious for their Shiba Inu buying spree in November and the earlier part of December. 

In related news, 1,140,746,704 SHIB tokens were burned in a week, according to a tweet posted by the "SHIBtyme" Twitter account. Three accounts were tagged in the tweet: Bigger Entertainment, its founder Steven Cooper and vEmpire DDAO.

According to the chart shared in the tweet, the largest SHIB burn took place on December 22nd, when 700,000 tokens were destroyed. In all, 350,000 were burned on December 26th. Between 250,000 and 300,000 were sent to a "dead address" on December 18th.

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has registered a significant fall during the current session. If the current sentiment persists, we could see SHIB slip below $0.000034 and move towards $0.000030.