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SHIB Price Analysis for November 2

Wed, 11/02/2022 - 22:00
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Denys Serhiichuk
How long is fall of SHIB going to last?
SHIB Price Analysis for November 2
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bears have turned out to be more powerful than bulls, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

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.

Related
XRP Price Analysis for November 1

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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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.