Shiba Inu Technical Analysis: SHIB Registers Marginal Increase, Pushes To $0.000034

Daily Shiba Inu Price Analysis

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Last Updated December 31st 2021
5 Min Read
  • The Shiba Inu price has registered a marginal increase during the ongoing session, moving to $0.000034. 
  • SHIB has been quite bearish during the week and had dropped by over 10% on Tuesday. 

The Shiba Inu price moved to $0.000034, as buyers look to push SHIB above the 20-day SMA and towards $0.000035. SHIB had started the week on a fairly positive note, rising by over 2% and settling at $0.000049. However, SHIB could not push higher than this level and fell back, dropping by over 10% and falling to $0.000034. On Wednesday, the price continued to drop, slipping below the 20-day SMA and settling at $0.000033, before registering a marginal increase on Thursday. 

Shiba Inu Price Analysis Indicates SHIB Could Push To 20-Day SMA 

The Shiba Inu price was quite bullish at the start of the previous week, rising by 1.46% on Monday. SHIB continued to push up on Tuesday, rising by over 5% and settling at $0.000032. The price pushed above the 20-day SMA on Wednesday, rising by nearly 7% and moving to $0.00035. Thursday saw a significant increase, as SHIB pushed up by over 10% and settled at $0.000038. Despite the bullish sentiment, the price fell back in the red on Friday, falling by over 6% and settling at $0.000036.

 Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 123121

After dropping to $0.000036, the Shiba Inu price recovered over the weekend, rising by over 4% on Saturday and settling at $0.000037. Sunday saw SHIB continue to push higher, rising to $0.000038 and then pushing up to $0.000039 on Monday, starting the week on a positive note. However, SHIB could not push to $0.000040, as the price dropped by over 10% on Tuesday and fell to $$0.000034. SHIB continued to drop on Wednesday, slipping below the 20-day SMA and settling at $0.000033 before pushing up marginally on Thursday. The current session sees SHIB marginally up as buyers and sellers look to establish control.

The Parabolic SAR is currently bearish, indicating that we could see the price drop if SHIB fails to push past the 20-day SMA.

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 22,000 addresses have sold more than 57,000 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 123121

Looking at the 4-hour Shiba Inu price chart, we see that SHIB had dropped to $0.000036 on the 26th. The price pushed up from this level, as it rose to $0.000038, and the pushed up to $0.000039 on the 28th. SHIB fell back in the red after reaching this level, falling below the 20-bar SMA and settling at $0.000036. The 200-bar SMA acted as support at this level, but SHIB fell below this level, slipping below the 200 and 50-bar SMAs and settling at $0.00034. The price made a marginal recovery from this level, rising to $0.000036, but fell back, falling to $0.000033 on the 30th, before moving to its current level of $0.000033. We can see that the Parabolic SAR and MACD are both currently bearish, indicating that the price could drop further.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 123121

Another 2.5 Million SHIB Burned With Over 3 Billion SHIB Destroyed In December: Details

The owner of the Bigger Entertainment crypto label, Steven Cooper, recently announced that his project team has burned 2.5 million SHIB tokens, while 1.5 million SHIB are waiting to be taken out of circulation too.

He said:

"Another 2.5 Million #shib burned + 1.5 million in playlist additions. Bringing our total burned to 884,983,100 SHIB since launching our campaign on Oct. 20th. We still have some big announcements coming."

A few days ago, the project conducted a scheduled "burn party," during which it sent 239,600,144 coins to a null address. This large amount, together with the 2.5 million, sum up to 884,983,100 SHIB eliminated by the project since October.

The head of the project has promised more big announcements about future SHIB burns to appear on his Twitter page soon. Per previous reports, December was "rich" in burned SHIB tokens. According to a tweet by a SHIB-dedicated Twitter user "SHIBtyme," the SHIB community has eliminated 1,943,391,652 tokens in the month.

Together with the aforementioned 242.5 million, 370.4 million SHIB were burned by the SHIB community on December 26-27, and 706 million were incinerated on December 23, according to the data provided by Etherscan. All of it together makes up another 1.3 billion.

Shiba Inu Holds Largest Token Position as Uniswap Replaces MATIC As Most Traded Token by Whales

According to WhaleStats data, Shiba Inu is the biggest token position by dollar value in the top 1,000 Ethereum wallets and the second-largest holding after ETH. Uniswap recently reclaimed the top spot as the most traded asset among Ethereum whales, or the 1,000 largest addresses on WhaleStats, overthrowing MATIC, which recently held the position. 

In addition, UNI remains the most widely held token, which means that almost every large wallet holds at least one UNI coin. Despite this, MATIC remains among the top 10 holdings in whale-tier wallets on Ethereum, with the largest addresses with more than $100 million worth of tokens.

During an announcement-filled ask-me-anything session on Twitter Spaces, Queenie, a moderator of the official Shiba Inu Discord channel, teased a big surprise in 2022 without going into further details:

"We do have a big surprise when we enter 2022. So, that's going to be the last little tidbit that I drop."

Steven Cooper, CEO of Bigger Entertainment, shared the news that $100,000 in SHIB will be burned while building MixDraft, a blockchain music game. Bigger Entertainment, a crypto label fully committed to Shiba Inu's success and holding over 1 billion SHIB, shared its huge roadmap planned for 2022, with burn initiatives scheduled to happen every month.

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has registered a marginal increase during the ongoing session. If the current sentiment persists, we could see SHIB test the resistance at $0.000034. However, if sellers retake control, SHIB could slip below $0.000033.