Shiba Inu Technical Analysis: SHIB Continues To Drop, Slips To $0.000032

Daily Shiba Inu Price Analysis

Last Updated January 5th 2022
3 Min Read
  • The Shiba Inu price remained in the red during the ongoing session, with SHIB currently down by nearly 1.50%. 
  • SHIB has not been able to move past the 20-day SMA since slipping below it on Wednesday. 

The Shiba Inu price was unable to recover during the current session, as it slipped to $0.000032 with sellers in control of the market. SHIB had started the weekend on a slightly positive note, rising by over 2% on Saturday. However, the price fell back in the red on Sunday, registering a marginal drop. Monday saw a bigger drop as SHIB fell by nearly 3%, slipping to $0.000032, with the price continuing to drop during the current session. 

Shiba Inu Price Chart Indicates SHIB Could Continue To Drop 

The Shiba Inu price started the previous weekend on a fairly positive note, rising by over 4% on Saturday and moving to $0.000037. The price continued to push up on Sunday, rising by 1.41% and ending the weekend on a positive note. Monday saw the bullish sentiment continue, as SHIB rose by 2.22% and settled at $0.000039. However, on Tuesday, SHIB registered a drastic fall, falling by nearly 11% and settling at $0.000034, where the 20-day SMA acted as support. SHIB continued to fall on Wednesday, dropping by nearly 4%, slipping below the 20-day SMA and settling at $0.000033.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 010522

After dropping to $0.000033 on Wednesday, the Shiba Inu price registered a marginal increase on Thursday, rising by 0.33%. However, the price was back in the red on Friday, falling by 1.13%. The weekend started on a positive note for SHIB as the price rose by over 2% and settled at $0.000034 but fell back on Sunday, registering a marginal drop. The current week started with the bearish sentiment persisting as SHIB fell by nearly 3% on Monday and then slipped to $0.000032 during the ongoing 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 $0.000034. At this price level, over 31,000 addresses have sold more than 48,800 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 010522

The 4-hour Shiba Inu price chart shows us that SHIB had registered a sharp drop on the 31st, falling to $0.000032. The price pushed up from this level, rising to $0.000033 and then moving above the 20-bar SMA on the 2nd, rising to $0.000034. With the 20-bar SMA acting as support, SHIB was able to stay at this level for the next few sessions. SHIB slipped below the 20-bar SMA on the 3rd, when the price dropped to $0.000033. SHIB continued to drop from this level, falling to $0.000032, before rising to $0.000033 and then dropping to its current level of $0.000032.

The Parabolic SAR and MACD are both bearish, indicating that the price could continue to drop.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 010522

Shiba Inu Price Is Expected To Reach These Levels

The Shiba Inu price chart shows us that SHIB has been unable to push above the 20-day SMA. If the current sentiment persists, SHIB could drop to $0.000030.