Shiba

Cryptocurrency

bullish

Shiba Inu

Daily

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-reacts-to-bitcoins-price-adjustment/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cryptocurrency Market Reacts to Bitcoin’s Price Adjustment</a><br></p>
<p style="text-align: justify">On Monday, a slight decline in Bitcoin ’s price to around $90,000 triggered a cooling effect in the <a href="https://en.coin-turk.com/bitcoin-price-reaches-70288-after-eventful-week/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/bitcoin-and-ethereum-etfs-experience-significant-outflows/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> market. This retracement is perceived as a natural pullback following a rally aimed at recovering the exhausted bullish momentum. Meanwhile, many traders remain optimistic about the market’s recovery, with several major altcoins, including <a href="https://en.coin-turk.com/shiba-inu-price-analysis-and-predictions-renowned-analyst-sets-date-for-1/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba</a> Inu (SHIB), preparing for a potential rebound.</p>
<h2 style="text-align: justify" id="current-status-of-shiba-inu-price">Current Status of Shiba Inu Price</h2>
<p style="text-align: justify">As the news was being prepared, Shiba Inu experienced a decline of approximately 5.7%, trading at around $0.0000263. According to CoinGecko, SHIB’s market capitalization reached $15.58 billion, with a 24-hour trading volume of $2.53 billion.</p>
<p style="text-align: justify">Last week, Shiba Inu surged from $0.00001685 to $0.00003, marking an 80% increase. Daily chart analyses suggest that this recovery may lead to the formation of a bullish reversal pattern known as an inverse head and shoulders. This formation indicates a market beginning to attract demand when the middle dip is lower than the others, signaling a potential uptick.</p>
<h2 style="text-align: justify" id="shib-s-mvrv-analysis-indicates-correction-signal">SHIB’s MVRV Analysis Indicates Correction Signal</h2>
<p style="text-align: justify">According to Santiment data, Shiba Inu’s 30-day MVRV ratio has risen to 25%. This indicates that short-term traders are starting to realize profits, suggesting that profit-taking may be imminent. Despite today’s bullish market, SHIB fell by 6% to $0.0000261, indicating that the right shoulder of the inverse head and shoulders pattern may be forming, viewed as the last pullback before a breakout.</p>
<p style="text-align: justify">A possible market correction could lead SHIB to drop another 20%, retesting the support level at $0.00002074. This level aligns with the 20-day EMA support, presenting a crucial turning point for buyers.</p>
<h2 style="text-align: justify" id="expectations-for-november-is-a-new-rally-possible">Expectations for November: Is a New Rally Possible?</h2>
<p style="text-align: justify">In the second half of November, there is potential for the market to regain its bullish momentum. However, if the market remains resilient, SHIB’s price might surpass the $0.00003 resistance and progress towards $0.000035. By the end of the month, an increase to $0.000038 could be anticipated.</p>
<p style="text-align: justify">Traders should closely monitor support and resistance levels to observe market movements. During this period, paying attention to market data and technical indicators will be beneficial for creating careful strategies.</p>
<p>The post <a href="https://en.coin-turk.com/cryptocurrency-market-reacts-to-bitcoins-price-adjustment/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cryptocurrency Market Reacts to Bitcoin’s Price Adjustment</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Cryptocurrency Market Reacts to Bitcoin’s Price Adjustment

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