Price Analysis

A ‘V-Shape’ Recovery Could Only Save Shiba Inu Price From A Bearish Trap!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Nov 6, 2021

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Highlights

    Shiba Inu price is declining with a notable margin since the beginning of the current trading month

    Despite a notable rebound, yet the price still requires another major push in order to get back to the initial levels

Most of the crypto assets in the market appear to be trending within small braces yet sustaining above their support levels. Bitcoin, Ethereum, Cardano, Polkadot, etc are standing strong above their respective local support. On the other hand meme coins, are experiencing a notable upswing. As the Shiba Inu(SHIB) price just rejected the bearish divergence, yet it needs to accumulate more strength to undergo a perfect ‘V-Shape’ recovery.

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SHIB price despite a couple of corrections after smashing new highs sustained above the strong resistance zone in between $0.00005762 and $0.00006076. However, no sooner than the price stepped in this zone, most of them quickly extracted their profit. And hence the price dropped to as low as $0.00004327 and bounced back to prest levels close to $0.00006000. 

shibprice
Source: Tradingview

With a notable flip from the support levels, the price followed a minute ascending channel and surged close to $0.00004500. The asset at the press time is consolidating around $0.00006000 which is a pretty good sign. Yet the possibility of a substantial dump is also hovering the rally. Interestingly, RSI and MACD both indicate a bearish divergence. While RSI diverted well before reaching the overbought area. And MACD signals the selling pressure is about to get more intensified. 

As a more bearish trend hovers around the asset, currently, sustaining hard above the strong support levels would be mandatory. Moreover, a steep ‘V-shape’ recovery may only act as a saviour or else the SHIB price may revisit immediate support levels again. Despite the downtrend, yet the Shiba Inu price appears to build strength in order to range high. 

Collectively, while the major crypto assets and the popular DeFi tokens have maintained a silent trend, memecoin’s had a long jump. SHIB price drained heavily but rebounded well to head towards the next levels. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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