Shiba Inu (SHIB) Bounces for Third Time Above Previous All-Time High

Shiba Inu (SHIB) has seemingly found support at its previous all-time high resistance area but has failed to initiate any sort of upward movement.


SHIB has been decreasing since it reach an all-time high price of $0.00008800 on Oct 28. The decrease has been sharp and led to a low of $0.00043 on Nov 4. This amounted to a decrease of more than 50% in only seven days.

However, it has bounced three times above the $0.00008800 horizontal support area. These rebounds have been crucial since the area previously acted as the all-time high resistance. Therefore, the fact that it’s now purportedly acting as support is a bullish sign.


However, technical indicators are bearish. The MACD, which is created by short and long-term moving average (MA) is moving downwards. This means that the short-term MA is deaccelerating relative to the long-term one. It’s a sign that’s usually associated with the beginning of downward trends. 

The RSI, which is a momentum indicator, is at risk of falling below 50. Crosses above and below 50 are considered benchmarks of bullish/bearish trends. The previous cross above 50 (green icon) transpired on Oct 1 and preceded the entire rally to the new all-time high price.

Current resistance

Shiba Inu short term outlook

The six-hour chart shows that SHIB is following a descending resistance line, and has been doing so since the all-time high of Oct 28. 

As long as it is doing so, the correction cannot be considered complete. 

If a breakout were to occur, the closest resistance would be found at $0.00006200. 

At the current time, there are no signs pointing to a potential breakout.

SHIB wave count

Cryptocurrency trader @Mesawine1 outlined a SHIB chart, stating that SHIB has completed its impulse and is now correcting.

When looking at the movement since September, there is a five-wave upward movement that led to the all-time high price of $0.00008800. If correct, it would mean that the upward move is complete, and SHIB is now correcting. 

In this possibility, SHIB is only in the B wave of an A-B-C corrective structure. 

Therefore, even if the potential short-term breakout were to occur, it would likely lead to a lower high and another downward move. 

The first significant support area is at $0.00003000, which is the 0.382 Fib retracement support level and a horizontal support area.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto’s Senior Analyst.

Follow Author