Shiba Inu Price Eyes Key Resistance, Poised For November Surge
November 08 2023 - 9:00AM
NEWSBTC
As November unfolds, the Shiba Inu price action hangs in the
balance, with technical analysis revealing a battleground of
resistance and support levels that could determine the direction of
the meme coin in the coming weeks. However, the bullish indicators
are currently strong and could point to a continuation of the rally
in the short term. Shiba Inu Price Analysis: Weekly Chart The
SHIB/USD weekly chart illustrates a dynamic struggle between
bullish and bearish forces. A quadruple bottom pattern, evident at
support levels labeled 1, 2, 3, and 4, demonstrates a consistent
rebound within a two-week timeframe. This pattern signifies a
resolute defense by the bulls, offering a signal that indicates a
solid base in the range of $0.000006 to $0.000007. In contrast, the
descending triangle pattern poses a bearish threat. The flat
support line at $0.00000715 and the sloping blue trend line
connecting lower highs depict a narrowing field for the bulls,
suggesting a potential decrease in buying momentum. The volume
profile supports this, with notable declines accompanying the
touches of the descending trend line. Related Reading: Shiba Inu
Sees Surge In Whale Activity, Will This Affect SHIB? After rising
above the 20-week EMA (red line), SHIB is facing the 0.236 Fib
level at $0.00000878. Overcoming this resistance is pivotal for
SHIB to assert bullish dominance and attempt to break the
descending trend line just above $0.00000900. A successful breach
could see the price aim for the 50-week EMA at $0.0000985 and
subsequently the 0.382 Fib level at $0.00001051, a move that would
signify a substantial reversal from the prevailing downtrend in the
long-term price chart. Notably, the EMAs on the weekly chart
indicate a still bearish sentiment with the longer-term moving
averages positioned above the shorter-term ones, hinting at a
sustained bearish trend. However, the recent price uptick could
indicate an early sign of a shift in momentum if sustained. Daily
Chart Insights The daily chart offers a more granular view of
SHIB’s recent price action. The 20-day EMA has crossed above the 50
and 100-day EMAs, a bullish sign that could foresee further upside.
The daily RSI is also on an uptrend, which aligns with the current
bullish narrative, suggesting there is room for upward movement in
November. However, a recent rejection at the 0.382 Fib level
($0.00000844) and a slip below the 200-day EMA ($0.00000836) at the
beginning of the week introduced caution into the bullish case. The
200-day EMA, a critical long-term indicator of momentum, has
historically acted as a decisive pivot point for SHIB. Related
Reading: Self-Authentication System Of Shiba Inu Has Technical
Issues, Developer Reveals The price fluctuation around this line
and subsequent tests of the descending trend line underscore its
significance. A breach above the 200-day EMA could signal the start
of a rally, potentially propelling SHIB by an estimated 13% towards
the overhead resistance posed by the descending trend line.
Currently, SHIB is trading slightly below the 200-EMA. Remarkably,
SHIB attacked the trend line of the ascending triangle (blue line)
pattern in the weekly chart each time it surpassed the 200-day EMA.
Notable is also that this always happened within one week. Thus,
the 200-day EMA seems to be the most crucial resistance in the
short term. If Shiba Inu breaks above the indicator, the price
could rally approximately 13% to the blue trend line of the
ascending triangle pattern. Afterward, the Shiba Inu price could
then make its ninth attempt in the last 15 months to break out of
the gigantic triangle pattern. This will be another make-or-break
moment for SHIB, either massive bullish momentum is unleashed or
the Shiba Inu price could fall again toward the neckline of the
descending triangle at $0.00000715. Featured image from Crypto.com,
chart from TradingView.com
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