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BTC, DOGE and SHIB Price Analysis for November 7

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Sun, 7/11/2021 - 14:12
BTC, DOGE and SHIB Price Analysis for November 7
Cover image via www.tradingview.com

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The last day of the week has turned out to be bullish for the cryptocurrency market as all of the top 10 coins are in the red zone.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased by 2.90% over the last week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Despite the rise, Bitcoin (BTC) keeps trading sideways as bulls could not seize the initiative and come back to the peak at $67,000. The trading volume is low, which means that there is a high chance to see BTC trading in the range of $60,000-$66,000 next week. The bearish scenario becomes relevant if the main crypto breaks the support at $56,560 and fixes below it.

Bitcoin is trading at $62,044 at press time.

DOGE/USD

DOGE has shown almost the same price action as Bitcoin (BTC) this week.

DOGE/USD chart by Trading View
DOGE/USD chart by Trading View

DOGE is neither bullish nor bearish as the meme coin keeps trading near the zone of the most liquidity, which means that it is accumulating power for a further sharp move. One may expect a continued rise if bulls get DOGE back to the zone around $0.3. The increased trading volume might confirm the possible growth.

DOGE is trading at $0.2638 at press time.

SHIB/USD

SHIB is the main loser today. It is the only coin from the top 20 list that is trading in the red zone.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

On the daily time frame, SHIB made a false breakout of the support at the $0.00005 mark. At the moment, the coin is trading in a wide range between the support and the resistance at $0.000088.

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In terms of the further price action, SHIB may keep trading within the mentioned levels so it can gain more energy for either a rise or decline.

SHIB is trading at $0.00005746 at press time.

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