Shiba Inu Price Alert: Will SHIB Rebound or Crash Further?

• Shiba Inu faces a bearish trend as it struggles to maintain critical support levels.
• High trading volume signals interest, but sell-offs dominate Shiba Inu’s price action.
• November forecast predicts SHIB trading between $0.0000263 and $0.0000553 amidst volatility.

Shiba Inu (SHIB) has experienced a notable price decline over the past 24 hours, losing 3.92% of its value. This drop reflects mounting selling pressure, putting the token in a bearish short-term phase. Increased trading activity and market dynamics suggest significant shifts in investor sentiment.

With SHIB forming lower highs and lower lows, traders are monitoring critical support and resistance levels to anticipate the next price move. Additionally, technical indicators offer insights into possible short-term consolidations and trends.

Recent Price Movement and Volume Insights

SHIB opened trading near $0.00002667 before entering a steady downtrend. This consistent decline aligns with a 3.91% drop in market capitalization, which now sits at $1.78 billion. Furthermore, the 24-hour trading volume rose significantly, reaching $1.78 billion, which shows strong market activity.

Source: Coinmarketcap

Read also: Shiba Inu Whales: Are They Signaling a Bull Run?

However, the dominance of sell orders indicates bearish sentiment in the market. A volume-to-market-cap ratio of 11.78% highlights ongoing heightened interest, but the sell-off trend reduces any bullish expectations.

Critical Support and Resistance Levels

The token’s immediate support is at $0.00002500, a level that combines psychological significance and prior technical stability. If SHIB drops below this level, the next critical support could be near $0.00002450, an area previously marked by consolidation.

Conversely, resistance is currently at $0.00002600, a level where selling pressure has been consistent. Breaking this resistance could lead to a test of $0.00002670, the price point before the latest decline.

Trend Analysis and Technical Indicators

SHIB/USD 1-hour price chart, Source: Trading view

Shiba Inu’s trend reflects short-term bearish momentum, with its chart displaying lower highs and lower lows. The Relative Strength Index (RSI) on the 1-hour chart stands at 50.20, signaling market indecision and potential consolidation. 

However, the Moving Average Convergence Divergence (MACD) indicator trades above the signal line, suggesting possible bullish momentum in the short term. Consequently, a breakout could occur if buying activity intensifies.

Changelly blog analysts predict that SHIB could trade at an average of $0.0000408 in November 2024. Price fluctuations between $0.0000263 and $0.0000553 are anticipated, depending on market sentiment and broader cryptocurrency trends.