Shiba Inu Price Analysis November 9 2021 Still Experiencing Changes

Lovata Andrean

Shiba Inu Price Analysis November 9 2021 Still Experiencing Changes
Shiba Inu Price Analysis November 9 2021 Still Experiencing Changes

Rancakmedia.com - Shiba Inu price analysis November 9, 2021 reveals that a correction will still occur today. Key support prices: $0,000044 or $0,63 and $0,000032 or $0,46. For the Support and Resistance levels, they are $0,000055 and $0,000063 respectively, both equivalent to IDR 0,78.

Shiba Inu price's comeback from last week's fall was truly remarkable. Unfortunately the bulls failed to push the price past the critical resistance at $0,000063, and the bears gained control again, pushing it below $0,000055, which now also serves as resistance.

This leaves SHIB with support identified at $0,000044. If bulls fail to move soon, a retest of support becomes possible. Failure to hold there and the next support will be at $0,000032 or IDR 0,46.

In contrast to the current decline, the rebound from support is very significant, as revealed by cryptopotato. If you look at the chart, it is usually bullish, but it is too early to tell because the bears may always come back to take the price at support.

RSI: RSI is expected to continue falling and reach lower highs. Another lower bottom and the bearish trend may continue for some time until the bulls take back control.

MACD: MACD in the daily period remains bearish and continues to fall. Until now, indications are that the SHIB price is currently heading downwards. Short Term Predictions for Shiba Inu Price

It is doubtful that the current trend will change until the daily MACD shows positive indications. Currently, both the histogram and the strong moving average are on the bearish side and going downhill.

The bias is still considered bearish because the bulls failed to penetrate resistance and the daily MACD does not show a good indicator. This may be revisited if SHIB manages to break the current resistance level.

Short Term Predictions for Shiba Inu Price

Considering today's price behavior, SHIB is more likely to retest support around $0,000044 than anticipate additional spikes.

Thus, traders should be patient before considering entry as SHIB may fare better near support last time the bulls are back in place. Any long entry can now be categorized as high risk.

Previously, coindesk stated transactions for the popular meme token shiba inu (SHIB) recently reached new levels, reflecting the shopping frenzy experienced ahead of the May price drop.

The number of addresses acquiring cryptocurrency within 20 percent of its all-time high rose sixfold to a record 116.560 in the eight days to November 2, accounting for 12 percent of the total number of non-zero addresses, according to data provided by blockchain analytics firm IntoTheBlock.

The surge in so-called “All Time Highers” addresses observed by IntoTheBlock suggests a rush to acquire cryptocurrencies around lifetime highs — a measure of fear of missing out (FOMO) among traders. FOMO is usually experienced in the latter half of a bull market.

“The last time this pattern happened on Shiba Inu was in May, SHIB dropped 90 percent,” wrote IntoTheBlock in its weekly email issued Sunday.

Conclusion

Shiba Inu price analysis. November 9, 2021 reveals that a correction will still occur today. The Support and Resistance levels are $0,000055 and 0,000063 respectively, both equivalent to IDR 0,78. Another lower bottom and the bearish trend may continue for some time until the bulls take back control.

If bulls fail to move soon, a retest of support becomes possible. The rebound from support was very significant, as revealed by cryptopotato. The meme token shiba inu (SHIB) recently hit new highs, reflecting the shopping frenzy experienced ahead of the May price drop.

The bias is still considered bearish because the bulls failed to penetrate resistance and the daily MACD does not show a good indicator. Any long entry can now be categorized as high risk.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks