Shiba Inu Price Analysis — November 22

Despite a decent bullish attempt last Friday, Shiba Inu continues to trade along my four-week-long descending trendline. However, Friday’s bullish attempt helped SHIB flip from below the trendline to the upper limit, thereby easing the bearish pressure from the trendline. That said, the twelfth-largest cryptocurrency currently trades on a slightly bullish sentiment on Monday morning amid a sharp reversal across the broader market. I expect to see a bullish swing first to the 50 SMA at $0.0000482, followed by a retest of the 0.0000500 psychological resistance. However, failure to post a decisive break above the former could restrict the price along my trendline, pushing SHIB closer to the $0.0000400 low.

Meanwhile, my resistance levels are $0.0000482, $0.0000500, and $0.0000550, and my support levels are $0.0000440, $0.0000420, and $0.0000400.

Total Market Capitalization: $2.58 trillion

Shiba Inu Market Capitalization: $24.5 billion

Shiba Inu Dominance: 0.95%

Market Rank: #12