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SHIB Price Analysis for November 5

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Sun, 5/11/2023 - 14:23
SHIB Price Analysis for November 5
Cover image via www.tradingview.com

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The situation has not changed since yesterday as buyers are still holding the initiative on the market.

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SHIB/USD

The rate of SHIB has increased by 3.55% over the past day.

Image by TradingView

On the hourly chart, the price of SHIB might have set a local peak at $0.00000832. If the decline continues and the daily bar closes far from that mark, the correction may lead to a test of the support level at $0.00000789 soon.

Image by TradingView

On the bigger time frame, traders should pay attention to the resistance level formed by the false breakout.

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If the candle closes with a long wick, bears might locally seize the initiative, which could lead to a drop to the $0.0000080 zone next week.

Image by TradingView

A slightly different picture is on the weekly chart. If the bar closes above the previous candle peak, traders are likely to see a further upward move to the next resistance level at $0.00000854.

SHIB is trading at $0.00000817 at press time.

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