Here’s what SHIB needs to do to get going again

November 11, 2021 - Around 2 mins mins to read

The SHIB made further corrections this week and is now about to make an important decision. If the course breaks above the green descending triangle, then a rally is possible. Otherwise, it will break the support at $ 0.00044 and take the SHIB to the next lower low. Until then, the SHIB remains stuck in this descending triangle with less and less leeway for price movements.

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Source: TradingView

Technical indicators

Trading Volume: Unfortunately for the bulls, the volume of the bearish candle has consistently exceeded the volume of the bullish candle for the past week. This is a sign of a downtrend.

RSI: The RSI continues to decrease over the daily timeframe. However, there are some early signs that momentum is changing upwards as the RSI hits higher lows in the 4 hour timeframe.

MACD: The MACD on the daily timeframe remains bearish and continues to move down. Similar to the RSI, however, the 4-hour MACD histogram shows that sales momentum is slowing. These are the first signs that SHIB is about to break out of the descending triangle.

Source: TradingView

The trend is neutral at the moment and will change if SHIB price breaks out of the current blue pattern. There are some early signs that the SHIB is breaking and spinning up, but it’s too early to confirm this.

Short term forecast

In conclusion, SHIB is expected to break out of the descending triangle in the next few days. In the long run, the price will hold a higher low in the current structure and the trend could soon change to an uptrend. This is confirmed when SHIB breaks out of the blue pattern and turns it into a support.

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Minh Anh

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Here’s what SHIB needs to do to get going again

shuffle

Source: TradingView

Technical indicators

Trading Volume: Unfortunately for the bulls, the volume of the bearish candle has consistently exceeded the volume of the bullish candle for the past week. This is a sign of a downtrend.

RSI: The RSI continues to decrease over the daily timeframe. However, there are some early signs that momentum is changing upwards as the RSI hits higher lows in the 4 hour timeframe.

Source: TradingView