Briefly –
- Shiba Inu (SHIB) trades above the horizontal support level at $0.00004800.
- Technical indicators remain bearish.
- The meme coin follows a near-term descending resistance level.
Shiba Inu somewhat secured support around its previous ATH resistance level. But SHIB was unsuccessful in a massive upward movement.
The canine-themed coin SHIB maintained a decrease since reaching the all-time peak at $0.00008800 on 28 October. The crypto saw a sharp drop, touching the lows of $0.00043 on 4 November. The somehow ugly price movements had the dog crypto decreasing by over 50% in a week.
Meanwhile, Shiba Inu bounced three times beyond the horizontal support zone of $0.000880. The rebounds were critical since the price zone previously served as an ATH resistance. Meanwhile, the coin prints on a bullish gesture as the level acts as support.
Nevertheless, technical indicators depict bearishness. The MACD, formed by long and short-term MA, moves downwards. That shows that the near-term Moving Average deaccelerates comparative to the long-term MA. Keep in mind that this signals the start of a plunging trend.
The Relative Strength Index, a momentum indicator, remains a risk to plummet under the 50-level. Crosses under and above 50 are benchmarks of bearish/bullish momentum. The last close past 50 emerged on 1 October and led the overall surge towards the ATH price.
SHIB’s Near-Term Outlook
The 6-hour price chart indicates that Shiba Inu follows a descending resistance zone. Keep in mind that it has been on such an attitude since recording an ATH of 28 October. If it continues to do so, Shiba Inu might see further corrections in the short term.
If the upcoming sessions witness a breakout, the meme crypto will have the nearest resistance at $0.00006200. For now, SHIB has no signs suggesting a possible upward breakout.
Shiba Inu Wave Count
@Mesawine1, a crypto trader, outlined a Shiba Inu chart, showing that the meme coin completed an impulse, retracing at the moment. Checking the SHIB price actions since September, SHIB had a 5-wave upside movement that resulted in the $0.00008800 all-time high. That can mean the crypto completed its upside move, further correction looming.
In such a possibility, Shiba Inu is inside wave-B of the ABC corrective structure. With that, the meme asset might see a lower high plus a downward move even with the possible near-term breakout. The initial support stood at $0.00003000, the 0.382 Fibonacci retracement support, and horizontal support.
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