en
Back to the list

Shiba Inu Price Analysis: SHIB continues to slowly retrace, targets $0.00006 again?

source-logo  cryptopolitan.com  + 1 more 03 November 2021 15:02, UTC
  • Shiba Inu price analysis is bearish today.
  • SHIB/USD continues to retrace.
  • Support at $0.00006 is likely the next target.

Shiba Inu price analysis is bearish today as a further downside was reached overnight, with no signs of slowing down today. Therefore, we expect SHIB/USD to move to the $0.00006 mark next to test it as support for the third time.

Cryptocurrency heat map. Source: Coin360

The overall market traded mostly with bullish momentum over the last 24 hours. Bitcoin lost 0.22 percent, while Ethereum gained 2.78 percent. Meanwhile, Shiba Inu (SHIB) is among the worst performers, with a loss of 7.8 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu continued to move lower

SHIB/USD traded in a range of $0.00006386 – $0.00007295, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 3.88 percent, totaling $5.25 billion, while the total market cap trades around $35.2 billion, ranking the coin in 10th place overall.

SHIB/USD 4-hour chart: SHIB targets $0.00006 previous support next?

On the 4-hour chart, we can see bearish momentum still strong for the Shiba Inu price action, likely leading to the $0.00006 previous support later today.

SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price action has continued to trade in a slightly bearish price action structure over the past weeks. After a strong rally for most of October, a new all-time high was set on the 27th of October at $0.0000885.

Since then, SHIB/USD has seen strong retracement to $0,00006. From there, a lower high has been set twice, indicating an increasingly tighter consolidation range forming.

Currently, the Shiba Inu price action moves for the third test of the $0.00006 support. This time, the retracement is slower, meaning that the $0.00006 mark will likely provide support again.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bearish today as no signs of reversal have been seen over the last 24 hours. Therefore, we expect SHIB/USD to drop further today, with the $0.00006 mark as the closest target.

While waiting for Shiba Inu to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
cryptopolitan.com

Similar news (1)
Add similar news