SHIB Price Analysis for November 5

The situation has not changed since yesterday as buyers are still holding the initiative on the market.

SHIB/USD

The rate of SHIB has increased by 3.55% over the past day.

On the hourly chart, the price of SHIB might have set a local peak at $0.00000832. If the decline continues and the daily bar closes far from that mark, the correction may lead to a test of the support level at $0.00000789 soon.

On the bigger time frame, traders should pay attention to the resistance level formed by the false breakout.

If the candle closes with a long wick, bears might locally seize the initiative, which could lead to a drop to the $0.0000080 zone next week.

A slightly different picture is on the weekly chart. If the bar closes above the previous candle peak, traders are likely to see a further upward move to the next resistance level at $0.00000854.

SHIB is trading at $0.00000817 at press time.

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