Shiba Inu’s growth showed no signs of stopping last month as it continued to conquer the charts. However, the month of November hasn’t been quite great for the token as prices are down by more than 20%, reaching a monthly low of $0.00004312. Furthermore, the SHIB token dropped by more than 15% on the week ending Nov 1.
As per the data from CoinmarketCap, the 24-hour trading volume of SHIB dropped by 31.75% and is currently at $4.2 billion. Also, the market capitalization of the token declined by 10.79%, resting at $28 billion. The 24-hour high of the token was witnessed at $0.00005705 and low at $0.00005161.
The price movements in the recent days have been quite bearish as Bitcoin retests $64k. The nearest resistance for SHIB price action remains unbroken at $0.00007811, while support levels can be found at $0.00005146.
Shiba Inu price analysis using the daily chart
The technical indicators on the daily chart indicate that the momentum is shifting from bullish to bearish as the price of the coin enters the bearish side of the Bollinger Bands. We can expect a breakout from the lower end if this price fractal continues.
Although, the 50-day and 100-day Moving Averages are still below the price action, which is a bullish scenario, indicating that bulls might take over once volumes are high.
On the other hand, the MACD indicator shows that the signal line (orange line) has crossed above the MACD line (blue line), and the histogram on the chart has turned bearish, filled with red bars. This indicates a bearish crossover, and lower prices for the short term are possible.
Also, the RSI indicator is progressing with a negative gradient, hinting at bearish price action as selling pressure is defeating the buying pressure.
Final Verdict
The meme coin’s performance appears to be bearish in the short term, and it seems that lower prices will follow if buying pressure doesn’t increase. Volumes seem to be optimistic; however, price action remains sluggish.