Shiba Inu Technical Analysis: SHIB Remains Bearish, Drops To $0.000034 On Thursday

Daily Shiba Inu Price Analysis

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Last Updated December 10th 2021
3 Min Read
  • The Shiba Inu price could not break past resistance and dropped further on Thursday. 
  • SHIB has been fairly static during the ongoing week, with the price not seeing much movement. 

The Shiba Inu price dropped further on Thursday, pushing the price down to $0.000034. SHIB had started the current week with an increase of 1.52%, but the price fell back on Tuesday, dropping by 1.41%. However, Wednesday saw another marginal recovery, with the price rising by just over 2%, before registering a drop of over 6% on Thursday and falling to $0.000034. 

Shiba Inu Price Chart Indicates SHIB Has Strong Support At $0.000034. 

The Shiba Inu Price started the previous week on a fairly bullish note, rising by over 15% on Monday and almost 5% on Tuesday. SHIB pushed above the 20 and 50-bar SMAs on Tuesday but fell back on Wednesday, dropping to $0.000044, below the 20 and 50-bar SMAs. Thursday saw the price continue to drop, with SHIB falling to $0.000042, falling by 4.40%. SHIB continued to remain bearish on Friday, dropping to $0.000040, and then slipped below $0.000040 on Saturday when it fell by almost 10% and settled at $0.000036.

Image: SHIB/USDT daily chart 121021

Image: SHIB/USDT daily

On Sunday, the Solana price remained in the red as the price registered a marginal drop. However, Monday saw a slight increase. As SHIB rose by 1.52%, rising to $0.000036, before dropping by 1.41% on Tuesday, Wednesday saw another marginal increase, but then SHIB dropped by over 6% on Thursday, dropping to $0.000034. The current session sees a marginal recovery, as buyers look to push the price back towards $0.000040.

We can see that the Parabolic SAR is still bearish, indicating a price drop. However, if the price recovers, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we see that SHIB has strong support at around $0.000034. At this price level, over 150,000 addresses have bought over 39,322 billion SHIB.

 Image: SHIB/USDT volume chart 121021

Image: IntoTheBlock 

The 4-hour Shiba Inu price chart shows us that SHIB had dropped significantly on the 4th, falling below the 20 and 50-bar SMAs and settling at $0.000034. The price pushed up to $0.000037 from this level but fell back to $0.000034 on the 6th. SHIB recovered and moved above the 20-bar SMA on the 7th, rising to $0.000037 but then dropping back to $0.000036. However, with the 20-bar SMA acting as support, SHIB could stay at this level till the 9th, when it slipped below the 20-bar SMA and dropped to $0.000034.

We can see that the Parabolic SAR and MACD have both flipped to bearish, indicating that we could see the price drop further.

Image: SHIB/USDT 4-hour chart 121021

Image: SHIB/USDT 4-hour

Shiba Inu Price Is Expected To Reach These Levels 

Looking at the Shiba Inu price chart, we see that SHIB has support at $0.000034. If SHIB can push up from this level, we could see the price push towards $0.000040, but if sellers pierce this level, it could drop to $0.000030.