During Monday’s trading session, the crypto market experienced a slight cooldown as Bitcoin price reverted from $90,000. The bearish turnaround is likely a post-rally pullback meant to recuperate the exhausted bullish momentum. With expectations of a renewed market recovery, many major altcoins, including SHIB, appear poised for their next breakout. Here’s how far Shiba Inu’s price could go in November.
By press time, the SHIB price had traded at $0.0000263, with an intraday loss of 5.7%. According to Coingecko, the assets market cap is $15.58 billion, while the 24-hour trading volume is $2.53 billion.
How High Could Shiba Inu Price Go in November?
Since last week, the Shiba Inu price has significantly recovered from $0.00001685 to $0.00003, registering an 80% gain. An analysis of the daily timeframe shows this recovery assisted in the formation of a bullish reversal pattern called inverted head and shoulder. This chart pattern is characterized by three troughs, with the middle one dipping lower than the other two, indicating renewed demand pressure at the bottom.
With the crypto market today showing a bearish turnaround, the SHIB price has plunged nearly 6% to trade at $0.0000261. This decline could shape the right shoulder of the inverted head and shoulders pattern, signaling a potential final pullback before a significant breakout rally.
The potential reversal could plummet the Shiba Inu price prediction down 20% to retest the support at $0.00002074. The horizontal level coinciding with the 20-day EMA support creates a significant pivot point for crypto buyers.
The second half of November appears to be a potential correction phase for the crypto market to regain its exhausted bullish momentum. However, if the broader market stays resilient, SHIB’s price could break past the $0.00003 resistance, initiating a rally toward $0.000035, with an extended push to $0.000038 later in the month.
SHIB’s MVRV History Points to Possible Market Correction
According to Santiment data, the Shiba Inu 30-day MVRV ratio had recently spiked to 25%. These higher values usually represent the short-term traders making good profits, increasing their potential for profit booking.
Since mid-July, the SHIB MVRV reached +20% level five, with each one leading to a notable pullback.
Shiba Inu MVRV | Santiment
Moreover, if the selling continues to defend $0.00003 resistance, the Shiba price could witness an extended sideways trend.
The post What’s the Potential for Shiba Inu Price Growth This November? appeared first on CoinGape.