Shiba Inu Technical Analysis: SHIB Registers Significant Drop, Slips Below $0.000029

Daily SHIB Price Analysis

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Last Updated January 18th 2022
3 Min Read
  • The Shiba Inu Price has dropped over 5% during the ongoing session, as sellers drove SHIB below $0.000029. 
  • SHIB has been unable to move past the 20-day SMA, which is acting as a strong resistance. 

The Shiba Inu price dropped below $0.000029 during the ongoing session as SHIB’s bearish trend continued. SHIB had fallen almost 6% on Thursday, falling to $0.000029, before recovering on Friday and rising by nearly 4% to $0.000030. Saturday saw SHIB register a marginal increase before dropping on Sunday, reporting a drop of 1.10%. The current session sees SHIB at $0.000028, with sellers in control of the market. 

Shiba Inu Price Chart Indicates Support Building At $0.000029

The Shiba Inu price started the previous weekend on a bearish note, dropping by 4.45% on Saturday. The price recovered on Sunday, rising by 1.91% and ending the weekend at $0.000028. However, on Monday, the price was back in the red as SHIB dropped by 5.52%, falling to $0.000026. SHIB recovered on Tuesday, moving to $0.000027, before surging almost 14% on Wednesday and moving to$0.000031.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 011822

After rising to $0.000038 on Wednesday, the Shiba Inu price fell back on Thursday, dropping by almost 6% and settling at $0.000029, before recovering on Friday and rising to $0.000030, registering an increase of almost 4%. The weekend saw SHIB register a marginal increase on Saturday before dropping back on Sunday and ending the weekend on a bearish note. The current week started with the bearish sentiment persisting, with SHIB currently down to $0.000029.

We can see that the MACD is currently bullish, indicating that the price could recover. However, if the price continues to drop, we could see it flip to bearish.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we can see that SHIB faces strong resistance at around $0.000030. At this price level, over 11,000 addresses have sold more than 11,600 billion SHIB. SHIB also has support at $0.000029, where over 26,000 addresses have bought over 9200 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 011822

The 4-hour Shiba Inu price chart shows us that SHIB had surged past the 50-bar SMA on the 12th, rising to $0.000031. The price fell back from this level, dropping to $0.000029, before recovering and rising to $0.000031 on the 14th. The price fell back from this level, dropping to $0.000030, but with the 20-bar SMA acting as support, pushed up to $0.000031. After reaching this level, the price fell back, slipping below the 20-bar SMA and falling to $0.000030, and then slipping below the 50-bar SMA on the 17th, dropping to $0.000029, before moving to its current level of $0.000028.

We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further.

Image: SHIB/USDT 4-hour

Image: SHIB/USDT 4-hour chart 011822

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has registered a significant fall during the current session. While there is support at $0.000029, if SHIB drops below this level, we could see the price slip below $0.000028.