Shiba Inu Price Prediction: SHIB Rises To $0.000041 After Static Weekend

Daily Shiba Inu Technical Analysis

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Last Updated November 30th 2021
4 Min Read
  • The Shiba Inu price is currently at $0.000041 and could push higher. 
  • SHIB had registered a sharp fall on Friday, as it dropped by over 9% to $0.000038. 

The Shiba Inu price has been quite bearish lately but had pushed up by almost 13% on Thursday. The price fell back on Friday, falling to $0.000038 after dropping by over 9%. SHIB did not see much movement over the weekend, registering an increase of 1.37% on Saturday and a drop of 0.23% on Sunday to end the weekend at $0.000039. The current session sees SHIB back above $0.000040, with the price currently at $0.000041. 

Shiba Inu Price Chart Indicates SHIB Could Push Past $0.000041 

The Shiba Inu price was quite bearish during the previous week and had started the previous weekend in the red, registering a drop of 1.75% on Saturday and then a drop of 7.45% on Sunday. On Monday, the price remained in the red as it slipped below the 50-day SMA before dropping further on Tuesday, registering a drop of over 3% and settling at $0.000041. The bearish sentiment persisted on Wednesday, with sellers pushing the price below $0.000040 to $0.000037, dropping almost 10%.

Image: SHIB/USDT daily chart 113021

Image: SHIB/USDT daily

After slipping below $0.000040 on Wednesday, the Shiba Inu price registered a strong recovery on Thursday, as it rose by 12.79%, moving to $0.000042. However, Friday saw the price back in the red, as SHIB dropped by 9.42% and settled at $0.000038. The weekend did not see much movement in price as SHIB rose by 1.37% on Saturday before falling back on Sunday. The current session sees SHIB currently up by over 6%, as buyers look to push it beyond $0.000041.

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 support at around $0.000038. At this price level, over 12,000 addresses have bought more than 22,000 billion SHIB.

Image: SHIB/USDT volume chart 113021

Image: IntoTheBlock 

The 4-hour Shiba Inu price chart shows us that SHIB had dropped to $0.000043 on the 22nd, after slipping below the 20-bar SMA. SHIB could only register a marginal increase from this level before dropping sharply to $0.000037 on the 24th. SHIB made a strong recovery from this level, as it rose to $0.000043 on the 25th, pushing above the 20-bar SMA. However, the price could not sustain itself at this level and dropped to $0.000037, slipping back below the 20-bar SMA. The price pushed up to $0.000039 on the 27th, but with the 20-bar SMA acting as resistance at this level, SHIB dropped back $0.000037 before pushing past the 20-bar SMA and 50-bar SMA and moving to its current level of $0.000041.

We can see that the Parabolic SAR is currently bearish. However, if the price continues to push up, we could see it flip to bullish.

Image: SHIB/USDT 4-hour chart 113021

Image: SHIB/USDT 4-hour

Shiba Inu Becomes The Second Most Popular Crypto On Twitter

According to data shared by CryptoRank, Shiba Inu is the second-most popular cryptocurrency on the social platform this November, with a total of 4.02 million mentions. Bitcoin, the largest cryptocurrency, is in first place with over 10 million mentions.

Ether (ETH) has managed to log 2.7 million mentions and secure third place. PancakeSwap (CAKE) and Dogecoin (DOGE) are also within the top five with 1.86 million and 1.76 million Twitter mentions, respectively.

While failing to regain its bullish momentum, Shiba Inu continues to see more merchant adoption, with electronics retailer Newegg recently confirming its plan to add Shiba Inu as a new payment option. The meme coin also continues to see more exchange listings despite the price drawdown.

Post-Black Friday, while major altcoins and Bitcoin are recovering back to their pre-dump positions, including Shiba Inu, according to WhaleStats. The average balance of tokens in a wallet signals overall sentiment toward the asset by large holders like the ones presented in the tracker. The website also excluded exchange wallets and projects to show a more accurate representation of funds distribution.

According to the data, the top 1,000 of the largest Ethereum wallets now hold 42% more tokens than previously. The total average SHIB balance now remains at 2.5 billion Shiba Inu tokens.

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we see that SHIB has made a strong recovery during the current session. If the current sentiment persists, we could see the price push beyond $0.000041.