- Shiba Inu price stumbled and is down 45% since the beginning of November.
- Several technical factors suggest the downtrend is only halfway through.
- Invalidation of the bearish outlook is a breach above $0.00001040.
Shiba Inu price shows reasons to be concerned during the third trading week of November. SHIB breaching new yearly lows could result from the current bearish technicals. Key levels have been defined to gauge SHIB's next potential move.
Shiba Inu price could rollover
Shiba Inu price has seen better days as the notorious meme coin has lost 45% of its market value since the start of November. As the world awaits Bitcoin's next move, SHIB's technicals suggest the downtrend is still ongoing. If market conditions persist, the summer lows will likely be breached in the coming days, followed by a plummet into new yearly lows.
Shiba Inu currently auctions at $0.00000911 as bears have kept SHIB confined to the lower half of the range near the bottom of the recent 45% downswing. On November 16, the bears rejected entry to the $0.00001000 level with aid from the 8-day exponential moving average. The Relative Strength Index remains in oversold territory, while the Volume Profile indicator shows a lack of interest from sidelined bulls.
SHIBUSDT 1-Day Chart
Considering these factors, SHIB's price will likely fall in the coming days. From a classical technical analysis standpoint, there is an apparent pennant formation on the daily chart. If the pennant is genuine, a 40% decline to the downside could result from the classical pattern. Bearish targets lie at $0.00000570 and potentially $0.00000500.
Invalidation of the bearish thesis could occur if the bulls breach the $0.00001040 liquidity zone, which resides under the 21-day simple moving average. A breach of the barrier could induce a rally of $0.00001200. Shiba Inu price would rise by 33% if the invalidation scenario occurred.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
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