Shiba Inu Coin Price Analysis November 4 2021 Failed to Break Resistance
Rancakmedia.com – The Shiba Inu failed to break the critical barrier at $0.000073 and is currently dropping again towards support at $0.000060. The last time price touched this level, the bulls bounced back strongly, but can they do it again?
Price action, as well as indications, warn that Shiba may have used up a lot of gas in its recent run, and looks to need more time to recover before it can continue higher.
The decline in the price of Shiba Inu is generally used by investors to 'shuffle' at the lowest price in order to reap profits when the price rises.
SHIB Price Technical Indicator
Trading Volume: Volume had basically evaporated in the previous two days. Currently there is relatively little interest in SHIB.
Price activity also shows the same trend. Typically, low-volume days may signal significant changes. This may happen after SHIB approaches to support.
RSI: The RSI is in a free fall, especially on the daily time scale. There were no bullish indications at the time.
We have to check again on the charts after SHIB reaches the support level to see if there will be any positive signals on the lower timeframe.
MACD: MACD did a bearish cross on the 12 hour period. If this goes up to the daily period, then SHIB will not look very attractive to potential buyers.
Both the histogram and moving average are bearish on lower time frames, but on the day, there is still a chance that the MACD moving average will curve back up.
This analysis can be determined when the price reaches the support, but breaks below it and the daily will become bearish. On the other hand, a big rebound in support might lead to a new rally.
Short Term Predictions for Shiba Inu Prices
Shiba Inu may revisit $0.000060. It is recommended to remain patient in this regard and wait for the price to decide its next move.
The Shiba Inu have had an excellent rally this year. Therefore, exhaustion is likely to develop at this time, and there may not be enough fuel left to push SHIB higher any time soon.
As the market heats up, buyers have plenty of temptation, and Shiba Inu will become attractive only when there are clear bullish indications. These signals do not exist at this time.
Conclusion
The Shiba Inu failed to breach the critical barrier at $0.000073 and are currently dropping again towards support at $00.000060. The last time price touched this level, the bulls bounced back strongly, but can they do it again? We have to check again on the charts after SHIB reaches the support level to see if there will be any positive signals on the lower timeframe.
