Shiba Inu Technical Analysis: SHIB Looks To Push Back To $0.000040

Daily Shiba Inu Price Analysis

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Last Updated December 7th 2021
3 Min Read
  • On Monday, the Shiba Inu price registered a marginal recovery, rising by 1.52%. 
  • The recovery is significant as it halts the slide SHIB was experiencing, thanks to the marketwide crash. 

The Shiba Inu price halted its slide on Monday, as the price pushed up by 1.52% on Monday. SHIB had been bearish since the middle of last week when the price slipped below the 20 and 50-day SMA on Wednesday. Thursday and Friday saw the bearish sentiment persist, as the price dropped to $0.000040 by Friday. Saturday saw SHIB drop by almost 10%, as the marketwide selloff peaked before registering only a marginal drop on Sunday to end the weekend at $0.000036. 

Shiba Inu Price Chart Indicates SHIB Looking To Push To $0.000040 

The Shiba Inu price was reasonably static over the previous weekend. It registered a marginal increase on Saturday and then a marginal drop on Sunday to end the weekend on a bearish note. However, SHIB pushed up significantly on Monday, as it rose by over 15% and settled at $0.000045, and then moved above the 20 and 50-day SMAs on Tuesday, rising to $0.000047. However, after reaching this level, the price fell back on Wednesday, dropping below the 20 and 50-day SMAs and settling at $0.000044. The drop continued on Thursday, with SHIB dropping to $0.000042.

Image: SHIB/USDT daily chart 120721

Image: SHIB/USDT daily

The Shiba Inu price continued to drop on Friday, registering a drop of 4.29% and settling at $0.000040. The most significant drop occurred on Saturday when it fell by almost 10% and settled at $0.000036. The weekend ended with a marginal drop on Sunday before SHIB pushed up on Monday, rising by 1.52%. The current session sees SHIB up to $0.000037, as buyers look to increase the price.

IntoTheBlock’s IOMAP for the Shiba Inu price indicates that SHIB has strong support at around $0.000034. At this price level, over 6600 addresses have sold more than 43,134 billion SHIB.

Image: SHIB/USDT volume chart 120721

Image: IntoTheBlock 

The 4-hour Shiba Inu price chart shows us that SHIB had pushed above the 20,50 and 200-bar SMAs on the 29th when the price rose to $0.000053. However, after reaching this level, the price turned bearish and dropped below the 20-bar SMA to $0.000041. At this level, the 50-bar SMA was acting as support, and SHIB could stay at this level for the subsequent few sessions. Sellers pierced this level of support on the 3rd when the price dropped to $0.000034 but then recovered and pushed up to $0.000038 before dropping to $0.000034. Currently, SHIB has risen to $0.000037, and we can see that the MACD and Parabolic SAR have flipped to bullish, indicating that we could see the price push up during the ongoing session.

Image: SHIB/USDT 4-hour chart 120721

Image: SHIB/USDT 4-hour

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we can see that SHIB has made a marginal recovery at the start of the week, after a highly bearish weekend. If the current sentiment persists, we could see the price push up to $0.000040.