Shiba Inu (SHIB) price faced resistance at the 50-SMA to delay a bullish breakout along the descending parallel channel. According to the SHIB price chart, the latest situation in bear markets was interpreted by analysts. Request SHIB price analysis on November 6, 2021.
Shiba Inu (SHIB) price, It met resistance at the 50-SMA to delay a bullish breakout along the descending parallel channel. The SuperTrend indicator remains above this price to confirm this bearish outlook.
Failing to hold the resistance near $0.00006261, SHIB price continued to resume its downtrend. The upper boundary of the descending parallel channel strengthened this level and created losses towards $0.000590. Continuing price action below the upper border resistance will confirm a decline above $0.000041. also SHIBThe 50-day Simple Moving Average on the four-hour chart since Oct.SMA) closes below. If this continues, the continuation of the bearish outlook seems inevitable.
SHIB Price Approaches Lower Resistance to Resume Downtrend
The 100 SMA currently provides “sudden resistance” at the $0.0005406 levels. SHIB price is currently trading at an average of $0.00005903. located in the midline Relative Strength Index (RSI)created a look where the bears and bulls are “canceling” each other, thus indicating that the SHIB price is in a consolidation process.
100-day SMAIf the resistance at remains intact, shiba inu rise in price starting October 4 0.000041 dollarsIt will continue to reverse towards losses below . If this happens, this will confirm the continuation of the bearish outlook and trigger large sell orders that could result in massive losses.
SHIB/USD Four-Hour Chart
The pressure created by the sellers is also highlighted by the bearish signal, especially from the SuperTrend indicator, according to the four-hour chart. SuperTrend is a chart overlay indicator that tracks the trend of a particular cryptocurrency. It uses a true average to determine the volatility of the market. For example, the SuperTrend indicator is a “To sell SHIB on Nov.sell signal” sent.
A region of Shiba Inu price highlighted by the middle border of the descending parallel channel. 0.00005208 dollars It has been revealed that he can “anchor” the big support in the vicinity. If the bulls can catch a reversal at this level, they can push SHIB price above $0.00005406, a zone defined by the 100 SMA to reverse the downtrend.
If this happens, SHIB buyers could retest resistance at 0.00006462 when the 50 SMA coincides with the upper boundary of the descending channel or crosses the all-time high near $0.00008848.
Also, the flattening RSI and Doji candlestick at the end of the four-hour chart indicate market indecision and suggest that the market may move towards consolidation in the near term. For this reason, it would be better for our followers who want to invest in SHIB to be patient for a while.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.