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Shiba Inu Price Analysis: SHIB retests $0.000045 for the third time, move higher to follow?

Shiba Inu Price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD declined overnight.
  • SHIB found support at $0.000045.

Shiba Inu price analysis is bullish today as we saw the $0.000045 support retested again after a strong decline overnight. Therefore, we expect SHIB/USD to reverse and push higher over the next 24 hours.

Shiba Inu Price Analysis: SHIB retests $0.000045 for the third time, move higher to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a strong decline over the last 24 hours, with Bitcoin down by 7.41 percent. Ethereum saw an even worse performance, with a loss of 9.23 percent, with the rest of the top altcoins following.

Shiba Inu price movement in the last 24 hours: Shiba Inu peaks at $0.000055, drops to previous support

SHIB/USD traded in a range of $0.00004563 – $0.00005592, indicating strong volatility over the last 24 hours. Trading volume has increased by 137.6 percent and totals $4.19 billion, while the total market cap trades around $27.17 billion, ranking the coin in 11th place overall.

SHIB/USD 4-hour chart: SHIB ready to reclaim loss?

On the 4-hour chart, we see the Shiba Inu price action rejecting further upside, likely leading to a push higher over the next 24 hours.

Shiba Inu Price Analysis: SHIB retests $0.000045 for the third time, move higher to follow?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price action has seen consolidation over the past weeks in an increasingly tighter range. After an initial drop lower at the beginning of the month, support was found around $0.000045.

From there, SHIB/USD has set increasingly lower highs while retesting the support on the 10th of November. More sideways movement followed last week with no substantial break higher.

Break lower to the $0.000045 was seen again overnight. As in the previous retest, SHIB/USD was rejected higher, indicating that we will likely see further consolidation later this week.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish today as we saw rejection around the $0.000045 mark after a strong decline earlier today. Therefore, we expect SHIB/USD to start recovering and regain some of the loss over the next 24 hours. 

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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