As November unfolds, the Shiba Inu price action hangs in the balance, with technical analysis revealing a battleground of resistance and support levels that could determine the direction of the meme coin in the coming weeks. However, the bullish indicators are currently strong and could point to a continuation of the rally in the short term.
Shiba Inu Price Analysis: Weekly Chart
The SHIB/USD weekly chart illustrates a dynamic struggle between bullish and bearish forces. A quadruple bottom pattern, evident at support levels labeled 1, 2, 3, and 4, demonstrates a consistent rebound within a two-week timeframe. This pattern signifies a resolute defense by the bulls, offering a signal that indicates a solid base in the range of $0.000006 to $0.000007.
In contrast, the descending triangle pattern poses a bearish threat. The flat support line at $0.00000715 and the sloping blue trend line connecting lower highs depict a narrowing field for the bulls, suggesting a potential decrease in buying momentum. The volume profile supports this, with notable declines accompanying the touches of the descending trend line.
After rising above the 20-week EMA (red line), SHIB is facing the 0.236 Fib level at $0.00000878. Overcoming this resistance is pivotal for SHIB to assert bullish dominance and attempt to break the descending trend line just above $0.00000900. A successful breach could see the price aim for the 50-week EMA at $0.0000985 and subsequently the 0.382 Fib level at $0.00001051, a move that would signify a substantial reversal from the prevailing downtrend in the long-term price chart.
Notably, the EMAs on the weekly chart indicate a still bearish sentiment with the longer-term moving averages positioned above the shorter-term ones, hinting at a sustained bearish trend. However, the recent price uptick could indicate an early sign of a shift in momentum if sustained.
Daily Chart Insights
The daily chart offers a more granular view of SHIB’s recent price action. The 20-day EMA has crossed above the 50 and 100-day EMAs, a bullish sign that could foresee further upside. The daily RSI is also on an uptrend, which aligns with the current bullish narrative, suggesting there is room for upward movement in November.
However, a recent rejection at the 0.382 Fib level ($0.00000844) and a slip below the…