What’s the Potential for Shiba Inu Price Growth This November?

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As a seasoned crypto investor with a knack for spotting trends and patterns, I find myself intrigued by the current state of Shiba Inu (SHIB). The recent recovery from $0.00001685 to $0.00003, representing an 80% gain, has certainly caught my attention. The inverted head and shoulder pattern on the daily timeframe suggests a bullish reversal, but today’s bearish turnaround could shape the right shoulder, signaling a potential final pullback before a significant breakout rally.

On Monday, the crypto market saw a minor cooling off period when Bitcoin‘s price dipped from $90,000. This bearish reversal seems to be a post-surge correction aimed at restoring the spent bullish energy. With hopes of another market rebound, several significant altcoins like SHIB are readying themselves for their next surge. Here’s an estimate on how high Shiba Inu‘s price might climb in November.

At the time of reporting, the SHIB token was being exchanged at approximately 0.0000263 USD, marking a daily decrease of 5.7%. As per CoinGecko data, the market capitalization of this asset stands at $15.58 billion, and its 24-hour trading volume amounts to around $2.53 billion.

How High Could Shiba Inu Price Go in November?

Over the past week, the price of Shiba Inu has climbed remarkably from $0.00001685 to $0.00003, representing an impressive 80% increase. Examining the daily chart reveals that this surge has contributed to the development of a bullish reversal pattern known as the inverted head and shoulder. This pattern, which consists of three troughs, is marked by a middle trough that dips lower than the other two, suggesting a resurgence of buying pressure at the bottom.

Today’s crypto market is exhibiting a bearish trend, causing Shiba Inu (SHIB) prices to drop approximately 6%, currently trading at around $0.0000261. This dip might form the right shoulder of an inverted head and shoulders pattern, suggesting a possible last retreat before a strong breakout surge.

If the predicted reversal occurs, the value of Shiba Inu could drop by about 20%, potentially reaching as low as $0.00002074 again. This level, which aligns with the support provided by the 20-day Exponential Moving Average (EMA), serves as a crucial turning point for crypto investors.

It seems likely that the last part of November might serve as a period for correction within the crypto market, allowing it to rebuild its spent bullish energy. If the overall market remains strong, Shiba Inu’s price could potentially surpass the resistance at $0.00003, leading to an upward trend toward $0.000035. There may even be further progress up to $0.000038 later in the month.

SHIB’s MVRV History Points to Possible Market Correction

Based on information from Santiment, the 30-day MVRU (Maker of Realized Value) ratio for Shiba Inu has recently shot up to 25%. Typically, such elevated figures suggest that short-term traders are realizing substantial profits, which may lead to them cashing out or selling off, potentially decreasing their profitability.

Since mid-July, the SHIB MVRV reached +20% level five, with each one leading to a notable pullback.

Furthermore, should the selling persist in defending the resistance at $0.00003, there’s a possibility that the Shiba price may extend into a prolonged period of consolidation or sideways movement.

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2024-11-13 00:48