Shiba Inu Technical Analysis: SHIB Posts Marginal Recovery During Current Session

Daily Shiba Inu Price Analysis

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Last Updated November 19th 2021
5 Min Read
  • The Shiba Inu price finally reversed its ongoing bearish trend with a slight recovery during the current session. 
  • SHIB has been bearish since Tuesday when the price fell by almost 10%. 

The Shiba Inu price is showing signs of recovery, as buyers managed to push the price up marginally. SHIB has been in the red since the start of the week, dropping to $0.000048 on Tuesday. On Wednesday, the price remained in the red, registering only a marginal drop, before falling by over 11% on Thursday and settling at $0.000042. 

Shiba Inu Price Chart Indicates SHIB Could Push To $0.000045 During Current Session. 

The Shiba Inu price started the previous week on a bearish note, as it registered a drop of over 3% on Monday. After registering a marginal drop, Tuesday saw SHIB drop below the 20-day SMA as it fell to $0.000054. The bearish trend continued on Wednesday, as the price dropped by over 8% and settled at $0.000050. However, the price made a strong recovery on Thursday, rising by over 12% and settling at $0.000056. However, the price fell back in the red on Friday, dropping by 7.41% and settling at $0.000052.

Image: SHIB/USDT daily chart 111921

Image: SHIB/USDT daily

The Shiba Inu price started the weekend on a bearish note, as the price registered a marginal drop on Saturday. However, the price was back in the green on Sunday, as it rose to $0.000053, an increase of 2.83%. SHIB registered a marginal rise on Monday as well but fell back in the red on Tuesday, dropping by over 9% and settling at $0.000048. SHIB remained in the red on Wednesday, posting only a marginal drop before falling by almost 12% on Thursday and settling at $0.000042. The current session sees buyers and sellers both struggling for control.

We can see that the MACD is currently bearish, indicating that the price could drop further.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we see that SHIB has strong support at around $0.000042. At this price level, more than 16,000 addresses have bought over 7154 billion SHIB. SHIB also faces strong resistance at around $0.000049. At this level, more than 24,000 addresses have sold over 4473 billion SHIB.

Image: SHIB/USDT volume chart 111921

Image: IntoTheBlock

Looking at the 4-hour Shiba Inu price chart, we can see that after pushing above the 20 and 50-bar SMAs on the 12th, SHIB settled at $0.000056. However, the price could not sustain itself at this level and dropped $0.000051, slipping below the 20 and 50-bar SMAs. With the 20-bar SMA now acting as resistance, the price could not move past this level until the 14th, when it pushed past the 20-bar SMA and settled at $0.000053. SHIB then pushed above the 50-bar SMA, rising to $0.000054, but fell back from this level, slipping below the 20,50 and 200-bar SMAs and settling at $0.000047. After a marginal recovery, the price fell even further, dropping to its current level of $0.000042.

Looking at the RSI, we can see that SHIB could fall below the neutral zone if the current trend continues and SHIB continues to drop.

Image: SHIB/USDT 4-hour chart 111921

Image: SHIB/USDT 4-hour

SHIB Is The Largest ERC-20 Holding Among Whales 

New data has suggested that Shiba Inu (SHIB) is the largest ERC-20 token holding among the top 1,000 ETH whales. According to data compiled by WhaleStats looking at the Ethereum-based token holdings of the largest ETH wallets, SHIB represents 21.68% of the combined market share at $2.35 billion. The next highest asset in terms of holdings is Crypto.com’s native token, CRO, representing 5.54% at $603.9 million.

Source: Twitter 

"#ShibArmy Congrats! The King is coming back! #SHIB flipped #BEST, #OKB and #CRO to become biggest ERC-20 hodling (17.44%) among the top 1000 ETH wallets with total value of $2,371,207,191."

The SHIB community has been on a mission to push crypto trading platforms, such as Coinbase and Robinhood, to list the asset. Its Change.org petition aimed at convincing them had received more than 530,000 signatures at the time of writing. Coinbase Pro listed SHIB back in late September.

One popular brand that gave the idea of accepting SHIB for payments a decidedly cool reception is fast-food giant McDonald’s, which replied to a tweet from ShibArmy1365 calling on the firm to accept “SHIB for payment, please.”

CoinGate Allows >500 Merchants To Accept SHIB

Crypto payment gateway platform CoinGate recently integrated the Shiba Inu token, enabling merchants to accept SHIB as a payment option.

In a blog post, CoinGate revealed over 500 merchants can now accept SHIB. Furthermore, Shiba’s integration into the CoinGate trading system enables users to buy SHIB at a 1% rate.

Coingate said:

“It is our greatest joy to announce that Shiba Inu (SHIB) has been integrated as our newest cryptocurrency! Every CoinGate user, from merchants to traders or Gift Card shoppers, can now accept, buy, trade, or spend this sky-rocking meme coin on the things they want.” 

The development will likely be a catalyst for a potential SHIB price surge, considering that the coin has come under scrutiny for lacking real-world use cases. Notably, in July, SHIB surged in value after the launch of its much-anticipated decentralized exchange (DEX), ShibaSwap, and the integration of the SHIB token on a retail Shopping.io platform. 

Currently, the token is eying another all-time high despite the price action getting congested with each lower high, suggesting consolidation. Therefore, the coin will likely break out from the downtrend with a possible upswing.

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we see that SHIB has strong support at $0.000042. We could see SHIB stabilize at this level and then push towards $0.000045.