Shiba Inu Technical Analysis: SHIB Slump Continues, Drops To $0.000025.

Daily Shiba Inu SHIB Price Analysis

Last Updated January 21st 2022
4 Min Read
  • The Shiba Inu price continued to drop during the ongoing session and is presently down by over 3%. 
  • SHIB has been in the red all week as markets remain sluggish. 

The Shiba Inu price had started the week in the red, dropping by 5.48% on Monday and settling at $0.000028. The price continued to drop on Tuesday, falling by 2.64%, and then dropped to $0.000027 on Wednesday, falling by almost 3%. SHIB registered a drop of 3.01% on Thursday, as sellers continued to push the price lower. Currently, SHIB is at $0.000025, down by over 3%. 

Shiba Inu Price Chart Indicates SHIB Could Drop To $0.000024 

The Shiba Inu price started the previous week in the red, dropping by 5.52% on Monday. The price was back in the green on Tuesday, rising by 3.52% and then surging by almost 14% on Wednesday and moving to $0.000031. However, the price fell back on Thursday, dropping by almost 6% and settling at $0.000029, before recovering on Friday and rising back to $0.000030. The weekend saw SHIB registering a marginal increase on Saturday before dropping back on Sunday and ending the weekend down by 1.10%.

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 012122

The Shiba Inu price continued to drop on Monday, falling by 5.48% and settling at $0.000028. Tuesday saw SHIB continue to drop, falling by 2.64%; the price continued to drop on Wednesday and Thursday, falling by 2.85% and 3.01%, respectively. The current session sees SHIB at $0.000025, as sellers look to drive the price lower.

The MACD is currently bearish, indicating that we could see the price drop further.

Looking at IntoTheBlock’s IOMAP for the Shiba Inu price, we see that SHIB has strong support at around $0.000024. At this price level, over 1.36k addresses have bought more than 46,000 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 012122

The 4-hour Shiba Inu price chart shows us that SHIB had pushed up to $0.000031 on the 15th. The price fell back from this level, slipping below the 20-bar SMA and dropping to $0.000030. SHIB was able to stay at this level for the next few sessions before dropping below the 50-bar SMA on the 17th, falling to $0.000029. SHIB remained bearish after it reached this level, dropping to $0.000027 on the 20th. The price recovered after dropping to this level, pushing back above the 20-bar SMA to $0.000028, before turning bearish and dropping back below the 20-bar SMA to its current level of $0.000025.

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 012122

CoinMarketCap Finally Reaches Out To SHIB Devs To Fix ‘Wormhole’ Contract Issues

The SHIB community was in an online spat with CoinMarketCap recently. Notably, SHIB incorporates only the Ethereum chain. However, the most visited cryptocurrency-related website dished three fake SHIB contract addresses on its website, fueling a conflict. 

Developers behind SHIB issued a statement alleging that CoinMarketCap listed three fake SHIB contract addresses. These belonged to Binance Smart Chain (BNB), Solana (SOL), and Terra Luna (LUNA) blockchains. As SHIB’s official representatives reported, the addresses were designed to sell Shiba Inu. However, the contracts listed on the tracker were fake. At least, that’s what the SHIB executives claimed.

CoinMarketCap, however, did not hold back in its response. It issued a reply just hours later on Twitter. As per the latter’s response, contract addresses listed on the page were wormhole addresses designed to facilitate cross-chain transactions. The team at CoinMarketCap also invited the Shiba Inu team to reach out through “the official channels” linking to a support page.

In an elaborate thread on Twitter, executives of SHIB’s army alerted its users in a tweet that read:

“We are happy to announce, CoinMarketCap has reached out to our developer team and is in current discussions in regards to this, our most recent incident correlating to Wormhole contracts, to verify they are not from any malicious sources.

Our internal Breeds are responding to multiple communication channels, to sure everyone is informed and oriented in a positive manner.”

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has been extremely bearish in recent sessions. If the current sentiment persists, we could see SHIB slip to its support level of $0.000024.