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    Home » Price Analysis » Shiba Inu Price Analysis: Dead Cat Bounce for SHIB as the Correction Continues

    Shiba Inu Price Analysis: Dead Cat Bounce for SHIB as the Correction Continues

    Author: Duo Nine

    Last Updated Nov 8, 2021 @ 19:08

    SHIB price did a lower high after a strong bounce from support. Was this a dead cat bounce? Price has continued to fall since then, giving credence to this possibility.

    Key Support level: $0.000044; $0.000032

    Key Resistance level: $0.000055; $0.000063

    SHIB’s recovery from the drop last week was impressive, but bulls failed to push the price above the key resistance at $0.000063, and bears took control again, pushing it under $0.000055, which now also acts as resistance.

    This leaves SHIB with the support found at $0.000044. If the bulls fail to step up soon, a retest of the support becomes likely. Failure to hold there and the next support will be found at $0.000032.

    img1_shib
    Chart by TradingView

    Technical Indicators of SHIB Price

    Trading Volume: The volume on the bounce from support was very strong, unlike the current decline. This is usually bullish, but it’s too early to tell as bears can always return in force to take price back on support.

    RSI: RSI continues to fall and makes lower highs. Another lower low and the bearish trend can continue for some time until bulls take back control.

    MACD: The MACD on the daily timeframe remains bearish and continues to fall. This cross was highlighted in our previous analysis. To date, this signal was correct, and the SHIB price is currently falling. It is unlikely this trend will change until MACD on daily gives bullish signs. Right now, both the histogram and moving averages are firmly on the bearish side and accelerating down.

    img2_shib
    Chart by TradingView

    Bias

    The bias is bearish because bulls have failed to break above the resistance and the daily MACD gives no signs of any positivity. This can be reassessed if SHIB manages to break from the current resistance level.

    Short-Term Prediction for SHIB Price

    Considering the price action of today, SHIB is more likely to retest the support at $0.000044 than to hope for another rally. As such, traders should be patient before considering an entry as SHIB may provide a better price close to support where, last time, bulls came back in force. Any long entries now can be assessed as high risk.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Shiba Inu (SHIB)
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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