Market Analysis, Shiba Inu Coin

Shiba Inu Is Trending Again – Requires A Little Breakout To Reach New ATHs.

Shiba Inu has lost 2% in the last 24 hours and is currently trading at $0.00005140, with a bearish bias. SHIB’s trading volume and market valuation have both dropped as it falls out of the top ten coins by market capitalization.

In the previous 24 hours, Shiba Inu’s price has gained over +4%, and it currently trades in the green at $0.00005340. SHIB’s daily trading volume has been declining in lockstep with the price, and it is presently $2,341,346,807, down 9.31% in the previous 24 hours. Shiba Inu’s market capitalization is over +2% up for the day to $29,538,426,224 during the same time period, placing SHIB in 11th place in terms of market value.

All of them are negative indicators, indicating that the self-proclaimed “Doge killer’s” recent price decline may last for some time.

What Can Be The Lest Price Of Shiba Inu, We Can Expect?

From its all-time high (ATH) of $0.00008932 USD earlier on October 28 to its current price of $0.00005390, SHIBA has lost 38%. This price action has produced a falling parallel on the four-hour chart, with the Shiba Inu price continuously being rejected by the channel’s upper boundary.

The 0.00005510 level, where the 50-period Simple Moving Average (SMA) intersects with the upper border of the channel, is providing immediate resistance to SHIB. The bullish breakout of Shiba Inu will require this level to be turned into support.

When SHIB exceeds the 10 SMA’s resistance at $0.00006099, a clear bullish breakthrough will occur. Following that, the ATH at $0.00008932 will be the next logical step.

SHIB

SHIB/USD 1 DAY PRICE CHART: SOURCE – Coinmarketcap.com

What Price Movement Does Shiba’s Price Chart Predict?

If the price does not break through the $0.000055 level, the present trend will continue. As a result, if the meme coin closes below the psychological barrier of $0.000050, it may drop to the middle border of the prevailing chart pattern around $0.00004225. If this support level fails to hold, SHIB might fall even deeper, with the current chart pattern’s goal at $0.00002926, a 43% decline from its current price.

The declining trade volume and down-sloping moving averages support this negative picture. Furthermore, the Relative Strength (RSI) indicator’s downward march into the oversold zone indicates that the bears are presently in charge of SHIB price, confirming the negative story.

In addition, on 3rd November, the SuperTrend indicator changed from bullish to bearish and crossed above the price, indicating a sell signal. As long as the SupetTrend indicator is above the Shiba Inu price, the negative momentum is predicted to continue.

IOMAP Chart Price Analysis

At $0.000055, for example, the immediate resistance is between $0.000054 and $0.000056, where around 25,450 addresses previously acquired almost 28,512 billion SHIB. For these investors, breaking even on any attempts to push the SHIBA price above this level may be a smart idea.

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