Meme Token SHIB Bounces for Third time Above Previous ATH

SHIB Dethrones FTX From #1 Spot as Largest Holding Among Top 1K Whales
  • SHIB is decreasing since it reach an ATH of $0.0008800 on October 28.
  • SHIB has bounced three times above the $0.00008800 horizontal support area.
  • The closest resistance is predicted at $0.00006200.

A well-known meme token Shiba Inu (SHIB) is decreasing since it reach an all-time high price of $0.0008800 on October 28. On November 4, SHIB’s price was dropped to $0.0043, within 7 days it has experienced a drop of nearly 50%.

Furthermore, SHIB has bounced three times above the $0.00008800 horizontal support area. However, these rebounds have been crucial since the area previously acted as the all-time high resistance.

More so, as predicted SHIB technical indicators are bearish. The MACD, which is created by short and long-term moving average (MA) is moving towards down. which means, the short-term MA is deaccelerating relative to the long-term one. This is the sign which usually associated with the beginning of downward trends.

Henceforth, today, the six-hour chart displays that SHIB is following a descending resistance line and this has been continuing since the all-time high of October 28. The closest resistance is predicted at $0.00006200 if the breakout occurs. Currently, indicators are pointing to a potential breakout.

Current Market Status

Accordingly, at the time of writing, as per CoinMarketCap Shiba Inu’s (SHIB) price was trading at $0.00004895 at the time of writing with a 24-hours trading volume of $2,671,734,897. In the last 24-hour SHIB price dropped nearly 2.50%. The circulating supply of SHIB is 549,095.51B. SHIB can be traded in top crypto exchanges such as Binance, Mandala Exchange, OKEx, Huobi Global, and FTX.

Even more, in the last 7 days, SHIB’s price dropped nearly 5.30%. When looking at the SHIB movement from September, there is a five-wave upward movement that led to the all-time high price of $0.00008800. Currently, there are both chances for SHIB it might continue in a bearish trend or if the breakout happens we can expect SHIB to move in the bullish direction.

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