Shiba Inu Price Prediction: SHIB Remains Bullish, Registers Marginal Increase

Daily Shiba Inu SHIB Technical Analysis

By
Last Updated February 11th 2022
4 Min Read
  • The Shiba Inu price is up by almost 1% during the ongoing session, as buyers continue to push the price higher. 
  • SHIB has been highly bullish in recent sessions and had surged by over 14% on Monday. 

The Shiba Inu price continued its upward trajectory, as it looks to push to $0.000034. SHIB had started the week on an extremely bullish note, rising by over 14% on Monday, moving above the 50-day SMA, and settling at $0.000032. The price fell back on Tuesday, dropping by nearly 5%, before making a relatively strong recovery on Wednesday, rising by over 6% and moving to $0.000032. The current session sees SHIB at $0.000033, as buyers look to push the price higher. 

Shiba Inu Price Chart Indicates SHIB Could Push To $0.000034

The Shiba Inu price started the previous week on a fairly bullish note, rising by 1.52% on Monday and then pushing up by 1.21% on Tuesday. However, the price fell back on Wednesday, dropping by almost 5% and falling to $0.000020, before registering a marginal increase on Thursday, rising by 0.68%. SHIB continued to push higher on Friday, as the price rose by nearly 7%, rising to $0.000022.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 021122

The weekend saw the Shiba Inu price remain bullish, as it registered a marginal increase on Saturday, before surging by almost 27% on Sunday, pushing past the 20 and 200-bar SMAs and rising to $0.000028. SHIB continued to push higher on Monday, as the price pushed up by over 14%, moving past the 50-day SMA and rising to $0.000032. However, despite the bullish sentiment, SHIB fell back on Tuesday, dropping by nearly 5%, before recovering on Wednesday, rising by over 6% and moving to $0.000032. The current session sees SHIB at $0.000033, as SHIB looks to move to $0.000034.

We can see that the MACD is currently bullish, indicating that we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000036. At this price level, over 46,000 addresses have sold more than 42t SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 021122

The 4-hour Shiba Inu price chart shows us that SHIB had pushed up to $0.000021 on the 4th, pushing past the 20 and 50-bar SMAs. SHIB continued to push higher from this level, rising to $0.000023 before registering a marginal drop and falling to $0.000022 on the 6th. SHIB made a strong recovery from this level, as it surged past the 200-bar SMA, rising to $0.000028 before registering a marginal drop. SHIB pushed up again from this level, rising to $0.000034 on the 8th. However, the price fell back from this level, dropping to $0.000030, before recovering and rising to $0.000033 on the 9th. SHIB fell back marginally from this level, falling to $0.000032, before recovering and rising back to $0.000033.

We can see that the MACD and Parabolic SAR are bearish, but if SHIB can push higher, we could see them flip to bullish.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 021122

46.7 Million SHIB Burned in Over 24 Hours, While Burn Pot of This Company Rises to 191 Million Tokens

In its recent tweet, Shibburn Twitter account noted that over 24 hours, approximately 45 million coins have been removed from the initial SHIB emission. In the following hours, another 1.8 million tokens followed. Meanwhile, the SHIB burn pot of this company keeps growing, so far exceeding 191 million Shiba Inu, to be destroyed live on YouTube on Feb. 14.

Data shared by the Shibburn account shows that the SHIB community destroyed a total of 44,938,070 meme tokens by sending them to a dead wallet and thus removing them from circulation. That amount of crypto was shifted in 17 transactions.

Later on, within a few hours, another 1,883,210 SHIB were burned within two transfers, according to the same source on Twitter that duplicates information provided by Etherscan, publishing it on its recently created website.

Bigger Entertainment crypto record label, which sells SHIB-themed merch and NFTs and conducts regular SHIB burn parties, keeps increasing its Shiba Inu burn pot for the party scheduled for Feb. 14, Valentine's Day.

The amount of SHIB to be burned at that event constitutes around 191,005,600 tokens. This amount grows gradually as people listen to playlists on the company's website, play games, and contribute by purchasing a burn party subscription for $5.

According to the recent tweet by the company's owner, Steven Cooper, the firm needs to raise another $6,000 to make the coming burn party the biggest they have had yet. At the previous burn event on Dec. 26, the company sent slightly over 239.6 million SHIB to a dead wallet. Overall, the firm has already burned nearly one billion tokens after beginning to help burn SHIB in late October.

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has been quite bullish over the past few sessions and has pushed up to $0.000033 during the current session. If buyers can retain the session, we could see SHIB push past $0.000034. However, if sellers manage to take the session, we could see the price drop below $0.000033.