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    Home » Price Analysis » Shiba Inu Price Analysis: SHIB Bounces Up But What’s the Next Target for the Bulls?

    Shiba Inu Price Analysis: SHIB Bounces Up But What’s the Next Target for the Bulls?

    Author: Duo Nine

    Last Updated Nov 6, 2021 @ 16:55

    After a very sharp correction, SHIB has bounced with force and recovered most of the losses. However, it is too early to celebrate.

    Key Support level: $0.000055

    Key Resistance level: $0.000063

    SHIB recovered most of the losses from this past week with a 50% rally yesterday in a considerable price swing. However, the big question is if  SHIB made a lower high. At the time of this post, SHIB is still trying to move above the key resistance at $0.000063. A failure to close above it would confirm the lower high, and that would likely lead to bears taking control of the price again.

    The price is currently holding well above the $0.000055 support level, but another break below that would encourage bears to push SHIB lower.

    img1_chart
    Chart by TradingView

    Technical Indicators of SHIB Price

    Trading Volume: Strong volume brought SHIB back into the blue triangle, and now the fight is to maintain price inside it and attempt a breakout.

    RSI: After dropping below 30 points on the 4-hour timeframe, the RSI recovered quickly and is currently pushing higher. However, on the daily timeframe, the RSI is making lower highs. This is a significant warning for bulls that they need to step up, otherwise bears may return in force.

    MACD: The MACD on the daily timeframe remains bearish. This last rally gives hope to SHIB holders, but the bulls have to continue to push the price higher. Otherwise, any sign of weakness will be immediately exploited by the bears.

    img2_shib
    Chart by TradingView

    Bias

    The bias is Bat this time. A failure from the bulls to push above the key resistance and the bears might take back control of price. For now, the price is expected to bounce between the key levels indicated at the start of this analysis. A break of either would change the bias towards the winning side.

    Short-Term Prediction for SHIB Price

    The battle between the bulls and bears at the current price level will decide the fate of SHIB for the remaining month. This is a decisive moment for SHIB, and until there is a winner, it’s expected to see SHIB’s price hover between support and resistance.

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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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