Shiba Inu Price Prediction: SHIB Struggling To Stay Above $0.000020

Daily Shiba Inu SHIB Technical Analysis

Last Updated February 4th 2022
4 Min Read
  • The Shiba Inu price is down by over 1% during the current session, as sellers look to drive SHIB lower. 
  • SHIB had started the week on a positive note and had risen to $0.000021 on Tuesday. 

The Shiba Inu price continued to drop during the ongoing session as sellers continued to dominate the market, looking to push SHIB even lower. SHIB had started the week in the green, rising by 1.52% on Monday and then pushing up by 1.21% on Tuesday and settling at $0.000021. However, the price fell back on Wednesday, dropping by nearly 5% and dropping to $0.000020. The current session sees SHIB continue to drop as sellers look to push the price below $0.000010. 

The Shiba Inu price started the previous week in the red, dropping by nearly 6% on Monday. The price continued to drop on Tuesday, falling by 0.90% before recovering on Wednesday, registering a marginal recovery and pushing up to $0.000021. SHIB continued to push higher on Thursday, rising by 0.85%, before dropping back on Friday, falling by 0.28% and dropping to $0.000021.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 020422

The Shiba Inu price continued to push up over the weekend, rising by over 2% on Saturday before dropping back on Sunday and ending the week down by nearly 3% and back at $0.000021. SHIB was back in the green on Monday, as it pushed up by 1.52% and then pushed up by 1.21% before dropping back on Wednesday, falling by nearly 5% and settling at $0.000020. The current session sees SHIB continue to drop as sellers look to push the price lower.

We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.

IntoTheBlock’s IOMAP for the Shiba Inu price shows us that SHIB has strong support at around $0.000018. At this price level, over 20,000 addresses have bought more than 411t SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT daily chart 020422

Looking at the 4-hour Shiba Inu price chart, we can see that SHIB had pushed up to $0.000022 on the 26th. The price fell back from this level, dropping below the 20-bar SMA and falling to $0.000020. SHIB registered a fairly strong recovery from this level, rising to $0.000021 but could not move past the 20-bar SMA and fell back, dropping to $0.000020 on the 28th. The price pushed back up from this level, rising above the 20 and 50-bar SMAs and moving to $0.000022 before dropping back below the SMAs and falling to $0.000020. SHIB was able to recover from this level and pushed back above the 20 and 50-bar SMAs, rising to $0.000021 on the 1st. With the 20-bar SMA now acting as support, SHIB could stay at this level until the 2nd, when the price dropped below the two SMAs, falling to its current level of $0.000020.

We can see that the Parabolic SAR has just flipped to bearish, indicating that we could see the price drop further.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 020422

Shiba Inu Community Gets Praise From Republican State Senator

US politician Wendy Rogers praised the Shiba Inu community in a recent tweet. She claimed its members are "very positive." She said:

"Wow I love all these #SHIB people. You guys are fired up, and very positive. Not a lot of whining."

This comes after the MAGA-esque lawmaker tweeted that Americans should be able to buy Shiba Inu and Dogecoin, the two biggest memecoins because she believes in freedom. Last week, she introduced a bill to make Bitcoin legal tender in Arizona, but the legislation is unlikely to pass.

Rogers frequently comes under fire because of her inflammatory social media posts, with critics accusing her of espousing racist views. In January, she appeared on the list of "extremist" politicians in the US, compiled by the Anti-Defamation League. Rogers has endorsed QAnon conspiracy theories and sought to overturn the results of the 2020 presidential election.

Last month, the politician faced backlash for calling New Zealand Prime Minister Jacinda Ardern "Lenin with hair." Ironically, Rogers is now also getting canceled by some Bitcoiners who are not happy about the senator's Shiba Inu tweets. One user quipped that the lawmaker's 15 minutes are over, suggesting she would no longer be part of Bitcoin community engagement. Many laser-eyed Twitter users started unfollowing Rogers.

Several politicians with extreme ideologies have expressed their views about Bitcoin and other cryptocurrencies. In a scathing op-ed published by The New York Times recently, Nobel laureate and veteran cryptocurrency naysayer Paul Krugman linked Bitcoin to the "antisocial right."

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we can see that SHIB has dropped off considerably over the past couple of sessions, with sellers looking to push the price below $0.000020. If the current sentiment persists, we could see SHIB drop below $0.000020. However, if the price recovers, we could see SHIB push to $0.000021.