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SHIB Price Analysis for November 20

Price Predictions
Sat, 11/20/2021 - 15:39
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Denys Serhiichuk
How great are SHIB's chances to return to its peaks?
SHIB Price Analysis for November 20
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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Bulls keep controlling the situation on the market as all of the top 10 coins remain in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

SHIB/USD

SHIB is the biggest gainer among the top 20 coins, rising by almost 12% over the past 24 hours.

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

On the hourly chart, SHIB is trading sideways after a sharp rise at the beginning of the day. The trading volume has declined, which means that there are few chances to see sharp moves.

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In this case, the more likely scenario is trading around the area of the most liquidity at $0.00004870.

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

On the daily time frame, SHIB tested the resistance at $0.000050 and seems unlikely to decline from current prices. If the situation does not change by the end of the day, one may expect a breakout and further growth.

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

From the long-term point of view, there are long wicks on the weekly chart, which means that bulls are buying back every local dip. Thus, the selling trading volume is going down, confirming bears' weakness.

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If buyers can fix above the vital level at $0.000050, the rise may continue to previous levels.

SHIB is trading at $0.00004869 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.