Shiba Inu Technical Analysis: SHIB Up By Over 10%, Pushes To $0.000036

Daily Shiba Inu Price Analysis

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Last Updated December 23rd 2021
4 Min Read
  • The Shiba Inu price surged by over 10% during the ongoing session. 
  • SHIB has been quite bullish during the current week and is currently up to $0.000036. 

The Shiba Inu price continued to push up during the ongoing session, with buyers having pushed the price by almost 11%. SHIB had registered a marginal drop on Sunday, falling by just over 2%. However, the current week saw SHIB flip back to bullish, with the price pushing up by 1.46% on Monday. SHIB continued to push on Tuesday, rising by over 5% and settling at $0.000032. The current session sees SHIB at $0.000036, up by almost 11%. 

Shiba Inu Price Chart Indicates SHIB Could Push Above $0.000036. 

The Shiba Inu price started the previous week on an extremely bearish note, dropping by over 10%. SHIB recovered on Tuesday, rising by over 3% and settling at $0.000033, but fell back on Wednesday, registering a marginal drop. SHIB continued to fall on Thursday, dropping by over 3% and settling at $0.000032, before a further drop on Friday saw SHIB fall by nearly 5% and settle at $0.000031. 

Image: SHIB/USDT daily

Image: SHIB/USDT daily chart 122321

After dropping to $0.000031 on Friday, the Shiba Inu price recovered on Saturday, rising by 0.83%. However, SHIB fell back in the red on Sunday, falling by over 2% and settling at $0.000030. The current week saw SHIB back in the green, as the price pushed up by 1.46% on Monday. The price continued to push higher on Tuesday, rising by over 5% and settling at $0.000032. The current session sees SHIB at $0.000036, with the price up by almost 11%.

We can see that the Parabolic SAR is currently bearish, but if the price continues to push up, 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 $0.000035. At this price level, 14,000 addresses have bought over $59,189 billion SHIB.

Image: IntoTheBlock 

Image: SHIB/USDT volume chart 122321

The 4-hour Shiba Inu price chart shows us that SHIB had dropped to $0.000031 on the 18th. The price pushed up marginally from this level, rising to $0.000032 before dropping back to $0.000031. The price then turned bearish and fell sharply to $0.000029 on the 20th. SHIB surged from this level as it pushed above the 20-bar SMA and settled at $0.000031. SHIB continued to push higher from this level, moving above the 50-bar SMA on the 21st and moving up to $0.000037. At this level, the 200-bar SMA was acting as resistance, and SHIB dropped to its current level of $0.000036.

We can see that the Parabolic SAR and MACD are both currently bullish. However, if the price continues to drop, we could see them flip to bearish.

Image: SHIB/USDT 4-hour chart 122321

Image: SHIB/USDT 4-hour

SHIB Becomes Largest Altcoin Holding Among ETH Whales

Meme cryptocurrency Shiba Inu has become the largest altcoin holding among Etheruem’s top 1,000 whales, with FTX’s native $FTX coming in at a close second. Tether’s USDT stablecoin took third place.

According to data shared by WhaleStats, the top 1,000 Ethereum wallets currently hold around $1.7 billion worth of SHIB and $1.6 billion worth of FTX’s native cryptocurrency. These whales also hold $1.1 billion in Tether’s USDT, $500 million in Gala Games’ $GALA token, and $400 million on the native cryptocurrency of Crypto.com and the Cronos network, $CRO. 

The top 1,000 Ethereum whales are also holding onto Polygon ($MATIC), Decentraland (MANA), Telcoin ($TEL), and The Sandbox ($SAND).

Source: Whale Stats

Per earlier reports, Shiba Inu recently became the third most-used token on the Ethereum network after only two major stablecoins, USDT and USDC, as holders of the meme-inspired cryptocurrency are seemingly becoming more active.

Behind Shiba Inu, in terms of activity on the network, was Wrapped Ether (WETH) with nearly 72,000 unique users and Matic Token (MATIC) with 56,100 unique users. Notably, the figure shows that most Shiba Inu investors are simply holding onto their tokens, as Etherscan’s data shows there are currently 1.075 million SHIB holders on the blockchain. 

Shiba Inu Price Is Expected To Reach These Levels

Looking at the Shiba Inu price chart, we see that SHIB has been highly bullish during the ongoing session, with the price up by over 11%. If the current sentiment persists, we could see SHIB push towards $0.000040.