Shiba

bullish

Shiba Inu

<p>Shiba Inu is down around 7% today, but this shouldn’t worry SHIB holders too much considering the broader <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-bitcoin-price-nears-70k/" target="_blank" rel="noopener noreferrer nofollow">crypto market is facing a correction</a>. In fact, Bitcoin plunged from the $72k-$72.5k range to below $70k.</p>
<p>This, of course, brought a lot of altcoins down, along with SHIB.</p>
<h2 class="wp-block-heading" id="shiba-inu-chart-analysis">Shiba Inu Chart Analysis</h2>
<p>SHIB is currently trading about 80% below its 2021 all-time high, showing a notable falling wedge pattern between early and mid-2024. This pattern, formed by converging downward-sloping trendlines, typically signals a potential bullish reversal. While SHIB did break out of this wedge in late Q2 or early Q3 2024, it has since moved sideways rather than showing significant upward momentum.</p>
<p>The 200-day moving average, currently at $0.00001854, sits slightly above the current price and acts as a key resistance level. SHIB’s inability to maintain its position above this line after the breakout suggests ongoing downward pressure. The RSI on the 4-hour chart reads around 53.4, indicating neutral market conditions – neither overbought nor oversold.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="458" src="https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-1024x458.png" alt="" class="wp-image-576342" srcset="https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-1024x458.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-300x134.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-767x343.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-1536x687.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-2048x916.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-335x150.png 335w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-782x350.png 782w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28-788x352.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/11/SHIBUSD_2024-11-01_08-49-28.png 1826w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong>Source: <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Tradingview" href="https://captainaltcoin.com/go/tradingview-3/" data-shortcode="true">TradingView</a></strong>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="support-resistance-and-shib-price-predictions">Support, Resistance, and SHIB Price Predictions</h2>
<p>Key support for SHIB lies around $0.00001500, a level that proved resilient during August-September 2024. The immediate resistance sits near the 200-day MA at $0.00001854, with another significant barrier at $0.00002000. Breaking above these levels could pave the way for further gains.</p>
<p>In a bullish scenario, watch for the RSI dropping into oversold territory while price approaches the $0.00001500 support – this combination often attracts buyers looking for a bounce. A break above the 200-day MA could confirm bullish momentum, potentially pushing SHIB toward $0.00002000 and $0.00002500.</p>
<p>However, if SHIB fails to hold the $0.00001500 support level, especially with a neutral or declining RSI, we might see continued downward movement. In this case, the next significant support would be around $0.00001000, which could serve as a bottom in a prolonged bearish scenario.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/bitcoin-price-dips-but-analyst-optimistic-heres-why-78k-is-next/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Price Dips, But Analyst Optimistic – Here’s Why $78k is Next</a></strong></em></p>
<p>The current sideways movement after the wedge breakout suggests SHIB is in a consolidation phase. Such phases often precede significant price movements, making the next substantial move crucial for determining the longer-term trend.</p>
<p><em><strong>Follow us on <a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>, <a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap </a>and <a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a> for more daily crypto updates.<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/where-is-the-shiba-inu-shib-price-headed-next/" rel="noopener noreferrer nofollow">Where Is the Shiba Inu (SHIB) Price Headed Next?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Where Is the Shiba Inu (SHIB) Price Headed Next?

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