Shiba Inu price showed troublesome technicals On November 17. If market conditions persist, a sweep of the summer lows could occur in the coming days. Key levels have been identified to gauge SHIB’s next potential move.
Shiba Inu price is concerning
Shiba Inu price is in a frightening position during the third trading week of November. The notorious meme coin lost 45% of its market value in the month. Although many sidelined traders are anticipating a bounce, the technicals may be suggesting additional declining price action will occur in the coming days.
Shiba Inu currently auctions at $0.00000920 as consolidation occurs near the bottom of the recent bear rally. On November 16, the bears rejected entry to the $0.00001000 level with aid from the 8-day exponential moving average. The Relative Strength Index remains in oversold territory, while the Volume Profile indicator shows a lack of interest from sidelined bulls.
Considering these factors, SHIB’s price will likely fall in the coming days. From a classical technical analysis standpoint, there is an apparent pennant formation on the daily chart. If the pennant is genuine, a 40% decline to the downside could result from the classical pattern. Bearish targets lie at $0.00000570 and potentially $0.00000500.
Invalidation of the bearish thesis could occur if the bulls breach the $0.00001040 liquidity zone, which resides under the 21-day simple moving average. A breach of the barrier could induce a rally of $0.00001200. Shiba Inu price would rise by 33% if the invalidation scenario occurred.