Rancakmedia.com – Shiba Inu price analysis November 9, 2021 reveals that a correction is still in store for today. Main 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.
The return in Shiba Inu prices from last week's fall has been truly remarkable. Unfortunately the bulls failed to push the price past the critical resistance at $0.000063, and the bears regained control, pushing it below $0.000055, which is now also serving as resistance.
This leaves SHIB with support identified at $0.000044. If the 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 Rp0.46.
In contrast to the current slide, the rebound from that support has been significant, as cryptopotato has revealed. If you look at the charts, they are usually bullish, but it is too early to tell because the bears may always come back to take price at support.
RSI: RSI is expected to continue to fall and reach lower highs. Another lower bottom and the bearish trend may continue for some time until the bulls take back the reins.
MACD: MACD during the daily period remains bearish and continues to fall. Until now, the SHIB price indication is currently heading downwards.
It is doubtful that the current trend will change until the daily MACD shows positive indications. Currently, both the histogram and moving average are firmly on the bearish side and advancing down hill.
The bias is still considered bearish because the bulls failed to break the resistance and the daily MACD is not showing good indicators. This can be revisited if SHIB manages to break the current resistance level.
Short Term Predictions for Shiba Inu Prices
Considering today's price behavior, SHIB will most likely retest the support around $0.000044 rather than anticipating an additional spike.
As such, traders should be patient before considering entering as SHIB may provide better pricing nearing last time support, bulls are back in place. Any long entries can now be categorized as high risk.
Previously, coindesk stated transactions for the popular shiba inu token meme (SHIB) had recently reached new levels, reflecting the shopping frenzy experienced ahead of the May price drop.
The number of addresses that acquired the 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 spike in so-called “All Time Highers” addresses observed by IntoTheBlock indicates the rush to acquire cryptocurrencies around lifetime highs — a measure of fear of loss (FOMO) among traders. FOMO is usually experienced in the latter half of a bull market.
“The last time this pattern occurred in the Shiba Inu was in May, SHIB fell 90 percent,” IntoTheBlock wrote in its weekly email issued Sunday.
Shiba Inu price analysis. November 9, 2021 revealed that a correction is still in store for 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 the reins.
If the bulls fail to move soon, a retest of support becomes possible. The rebound from that support is very significant, as revealed by cryptopotato. The shiba inu meme token (SHIB) recently reached new levels, reflecting the shopping frenzy experienced ahead of the May price drop.
The bias is still considered bearish because the bulls failed to break the resistance and the daily MACD is not showing good indicators. Any long entries can now be categorized as high risk.