shiba inu price analysis prediction nov 2nd

Due to the latest sentiment and increase in Dogecoin’s price, Shib’s price has followed the same trend and pattern as it recorded 25% gains within seven days. The memecoin currently appears bullish. But it’s now retracing and looking for a strong level of rebound.

Since our last analysis, Shiba Inu has made a significant price shift in favor of the bulls. The price broke out from a 10-day consolidation phase and increased above the critical $0.00001 level.

The candle formation on the 4-hour chart shows that the bulls have regained control. SHIB has formed a  nice double-bottom pattern on the daily chart following the recent price increase from the $0.0000095 level – which is now serving as base support. This pattern indicates an imminent bullish trend.

After surging to the $0.000015 level, the price was rejected and fell by roughly 19% to a current trading price of the $0.000012 level. The $0.00001150 level that the price broke yesterday supports the market.

The retracement movement appeared to be exhausted on the 4-hour chart. The buyers are getting ready to step back as a fresh rally could be underway. We can expect a quick recovery from the previous resistance before Shib prints a new weekly high.

However, if the price drops particularly beneath the significant $0.00001 level, we should expect serious bearish action. Such a scenario would invalidate the long-term bullish trend.

Shib Price Analysis (SHIBUSDT) – 4-Hour Chart

Source: Tradingview

The resistance level to look out for for the next rally is $0.000015 – the weekly high – followed by the $0.000017 and potentially $0.00002 resistance levels.

There is a lot of support towards the downside, but the level to consider first is the holding of $0.0000115 support. Below it lies a crucial support level of $0.00001. A further loss could dip the price to the $0.00000945 level, which remains the bulls’ last defense line.

Key Resistance Levels: $0.000015, $0.000017, $0.00002

Key Support Levels: $0.0000115, $0.00001, 0.00000945

Spot Price: $0.000012

Trend: Bullish

Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: Kanchanara on Unsplash  // Image Effects by Colorcinch
Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry


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