During Monday’s trading session, the crypto market saw a slight slowdown as the Bitcoin price rallied from $90,000. The bearish reversal is likely a post-rally pullback intended to reclaim spent bullish momentum. With the expectation of a market recovery, many major altcoins, including SHIB, appear poised for their next breakthrough. Here’s how high the Shiba Inu price could go in November.
At the time of going to press, the SHIB Price was trading at $0.0000263, with an intraday loss of 5.7%. According to Coingecko, the market capitalization of the assets is $15.58 billion, while the 24-hour trading volume is $2.53 billion.
How High Could Shiba Inu Price Go In November?
Since last week, Shiba Inu price has recovered significantly from $0.00001685 to $0.00003, recording an 80% gain. An analysis of the daily time frame shows that this rally has contributed to the formation of a bullish reversal pattern called inverted head and shoulders. This chart pattern is characterized by three troughs, with the middle one being lower than the other two, indicating renewed demand pressure at the bottom.
With the crypto market today Showing a bearish reversal, SHIB price plunged nearly 6% to trade at $0.0000261. This decline could shape the right shoulder of the inverted head and shoulders pattern, signaling a possible final pullback before a significant rally.
The potential reversal could cause the Shiba Inu Price Prediction down 20% to retest support at $0.00002074. The horizontal level coinciding with the 20-day EMA support creates an important pivot point for crypto buyers.
The second half of November appears to be a potential correction phase for the crypto market to regain its exhausted bullish momentum. However, while the market as a whole remains resilient, SHIB Price Could Break broke above the $0.00003 resistance, initiating a rally towards $0.000035, with an extended push up to $0.000038 later in the month.
SHIB’s MVRV History Indicates Possible Market Correction
According to Feeling According to the data, the Shiba Inu’s 30-day MVRV ratio had recently reached 25%. These higher values generally represent short-term traders making good profits, thereby increasing their profit-making potential.
Since mid-July, SHIB MVRV has reached level five by +20%, each resulting in a notable decline.
Furthermore, if the sell-off continues to defend the $0.00003 resistance, Shiba price could see an extended sideways trend.
Frequently Asked Questions (FAQ)
Shiba Inu has formed an inverted head and shoulders pattern, a bullish reversal signal characterized by three bottoms.
The 30-day MVRV ratio for SHIB recently reached 25%, signaling that short-term traders are in profit.
If the broader market remains resilient, SHIB could break above the $0.00003 resistance and rebound towards $0.000035, with an extended push up to $0.000038 later in November.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a solid grasp of technical analysis, he keeps a vigilant eye on the daily price movements of major assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where he continues to explore opportunities driven by his passion for trading.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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