Shiba Inu has had a remarkable 2021 so far. At the time of writing, SHIB was trading at $0.00003881, up 2% on the day and 28.80% in the past seven days. Shiba Inu kicked off 2021 at $0.00000181 and rose to all-time highs of $0.000088 in late October. According to CoinGecko data, Shiba Inu is up 66613627.6% from all-time lows of $0.000000000056 marked in Nov. 2020. SHIB’s impressive price rally has caught investors’ attention, leaving many to wonder if this success could sustain into 2022. Asides from exchange listings, whales accumulation trends, different virtual events give the ever bubbling SHIB community more to look out for. The Bigger Entertainment team hosted a SHIB burn party live on its YouTube channel on Sunday, sending 239,600,144 SHIB tokens out of circulation. According to Shiba Inu’s burn tracker, ShibBurn, more than 1,058,642,855 SHIB tokens have been burned in the last 24 hours. A token burn might impact SHIB’s price positively in the long run.
Key Levels
Resistance Levels: $0.00005433, $0.00004491, $0.00004000
Support Levels: $0.00003535, $0.00003214, $0.00002826
SHIB/USD Daily ChartSHIB found support near the $0.00002700 level on December 20 and the SHIB/USD pair started a steady recovery wave reaching the $0.00003989 in the prior week. It had paused its 5-day advance and retraced. However, in the last 3 days, the pair had sustained its upward move to challenge the initial resistance of $0.00004000 before confronting the moving average (MA 50).
The relative strength index (RSI) continues to gain ground above its midline 50, while it’s yet to reach the overbought level, reflecting improving sentiment in the market. On the downside, the $0.00003535 will be on guard for any bearish corrections along with the medium-term ascending trendline. A violation at this point could trigger a steeper decline.
On the 4-hour chart, SHIB/USD is approaching the $0.00004000 barrier as upside efforts persist after the recent bounce of the pair from the $0.00002826 critical support base, which is defending the broader positive structure. Despite the latest price improvements, the falling moving average (MA 200) is sponsoring a bearish bearing.
Meanwhile, the MA 50 is indicating a potential upsurge in price action, while the short-term RSI suggests bullish momentum is growing. If the price oversteps the $0.00004000 barrier, a prompt zone of resistance could develop at $0.00004250 and slow down the surge. Downside risks are yet to subside, and a dive below $0.00003535 could bolster negative tendencies.
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