Shiba Inu Technical Analysis: SHIB Posts Marginal Recovery After Dropping To $0.000027

Daily Shiba Inu Price Analysis

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Last Updated January 10th 2022
3 Min Read
  • The Shiba Inu price has registered a marginal increase during the ongoing session, pushing back to $0.000028. 
  • SHIB has been extremely bearish during the week and had slipped below $0.000030 on Friday. 

The Shiba Inu price is currently back up to $0.000028, as buyers look to reverse the prevailing bearish trend. SHIB had registered a sharp drop on Wednesday, falling by over 6%. However, the price was quick to recover, registering an increase of 1.22% on Thursday before falling back in the red on Friday, dropping by nearly 6% and settling at $0.000029. The price continued to drop over the weekend, falling over 4%, and settled at $0.000027 before pushing up during the current session. 

Shiba Inu Price Chart Indicates SHIB Looking To Push To $0.000030 

The Shiba Inu price had started the previous week on a fairly positive note, rising by 2.34% on Saturday. However, the price fell back on Sunday, registering a marginal drop thanks to the 20-day SMA acting as resistance. SHIB continued to drop on Monday, starting the week on a bearish note, falling by nearly 3% and settling at $0.000033. SHIB remained in the red on Tuesday, dropping by almost 2% and then falling by over 6% on Wednesday and settling at $0.000030.

Image: SHIB/USDT daily

Image: SHIB/USDT 4-hour chart 011022

After falling by over 6% on Wednesday, the Shiba Inu price recovered on Thursday, rising by 1.22%. However, SHIB was back in the red on Friday, dropping by nearly 6% and settling at $0.00029. The weekend saw SHIB continue to drop, falling by 4.45% on Saturday and dropping to $0.000027, before recovering on Sunday, rising by nearly 2% and settling at $0.000028. The current session sees SHIB up marginally as buyers look to take control.

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

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000029. At this price level, over 29,000 addresses have sold more than 11,500 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT daily chart 011022

The 4-hour Shiba Inu price chart shows us that SHIB had registered a sharp drop on the 5th, falling to $0.000030. The price continued to drop from this level, as it dropped to $0.000029, and then pushed up from this level, rising to $0.000031 on the 6th. SHIB could not stay at this level and fell back to $0.000029, a level it was able to maintain for the subsequent few sessions. On the 8th, the price registered a drastic fall, as it dropped to $0.000027 and then pushed up to $0.000028, where the 20-bar SMA acted as resistance. Currently, SHIB is at $0.000028, and with the MACD and Parabolic SAR both bullish, we could see the price push higher.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 011022

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has recovered over the weekend. If buyers can retain control of the session, SHIB could push to $0.000030.