- SHIB token bears reclaim 20-day EMA
- The SHIB/BTC pair is trading at 0.000000000806 BTC with a loss of 3.93%
- The 24-hour trading volume in the SHIB token is $11.07 Billion, indicating a 36.2% hike
As mentioned in my previous article on SHIBA, the token enters into a retracement phase after rejecting from the $0.0000885 mark. Currently, the token price has plunged to the 0.5 Fibonacci retracement level, which should act as a strong support level. The chart also shows some lower price rejecting candles at this level, indicating the presence of some demand pressure.
Concerning the EMA’s, the SHIB token price is trading high above the crucial EMA’s 50, 100, and 200, indicating an uptrend in this token. However, this pullback has engulfed the 20 EMA line.
The Relative Strength Index (RSI) value is 53, indicating a slightly bullish sentiment in the SHIB token. Moreover, the RSI line has shown a significant drop concerning the token’s price action.
SHIB Token In The 4-hour Time Frame Chart
On November 4th, the SHIB token tried to bounce from the $0.0000444 support, displaying a bullish inside candle. However, the token price couldn’t pass the nearest resistance of $0.0000532 and is still wavering below it. The current price of the SHIB token is $0.00005119, with an intraday gain of 3.75%.
As per the Fibonacci pivot levels, a significant horizontal resistance level for SHIB price is $ $0.0000625, followed by $0.000084. However, If the price falls below the$0.000045 mark, the next support would be $0.00003.
Conclusion: From the technical perspective, the overall trend of the SHIB token remains bullish. However, as mentioned above, the token price is under a retracement phase and has reached the 0.5 FIB level.
Though there are high expectations of the nearest resistance of $0.0000625, followed by $0.000084 of price taking support from this level, however, if it fails to do so, the SHIB token would suggest weakness in this rally.