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SHIB Price Analysis for November 2

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Wed, 2/11/2022 - 22:00
SHIB Price Analysis for November 2
Cover image via www.tradingview.com

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SHIB/USD

SHIB is one of the biggest losers today, falling by 5.55%.

SHIB/USD chart by TradingView

SHIB has made a false breakout of the hourly support level at $0.00001184. Until the price is above it, buyers have a chance to seize the initiative. In this case, the growth can lead to the test of the resistance zone at $0.00001280.

SHIB/USD chart by TradingView

On the daily chart, the situation is the opposite. If the candle closes below yesterday's low at $0.00001226, one can expect a quick test of the nearest support level at $0.00001153. Thus, the volume is low, which means that buyers are not powerful enough to buy at the current levels.

SHIB/USD chart by TradingView

On the bigger chart, the situation is also more bearish than bullish. At the moment, one should pay attention to the support level at $0.00001157.

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If a breakout occurs, the impulse may lead to a drop to the $0.000011 zone shortly.

SHIB is trading at $0.00001206 at press time.

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