Bitcoin in Monday’s trading session 
$88,102There was a cooling in the crypto market as it fell slightly from $90,000. This is thought to be an expected pullback following a rally to regain the bullish momentum that had depleted the market. On the other hand, investors are hoping for a market recovery and many major altcoins like Shiba Inu (SHIB) are gearing up for a new bounce.
Latest Situation in Shiba Inu Price
At press time, Shiba Inu was trading at $0.0000263, down approximately 5.7%. According to CoinGecko data, SHIB’s market value reached 15.58 billion dollars, while its 24-hour trading volume reached 2.53 billion dollars.
Shiba Inu experienced an 80% increase last week, from $0.00001685 to $0.00003. According to daily chart analysis, this recovery paves the way for the formation of a bullish reversal pattern known as head-and-shoulder inversion. This formation occurs when the middle bottom is lower than the others and an upward pressure begins from the bottom. This shows that the market is starting to see demand.
SHIB’s MVRV Analysis Gives Correction Signal
According to Santiment data, Shiba Inu’s 30-day MVRV rate has increased to 25%. This indicates that short-term investors have started to make profits and profit taking is approaching. Despite today’s bull market, SHIB is down 6% to $0.0000261. This decline may indicate the formation of the right shoulder in an inverted head-and-shoulders pattern. This pattern is considered the last pullback before breaking.
A possible market correction could cause SHIB to drop another 20% to retest support at 0.00002074. This level is aligned with the 20-day EMA support and represents an important turning point for buyers.
Expectations for November: Is a New Rally Possible?
In the second half of November, there is potential for the market to regain its bullish momentum. However, if the market remains resilient, SHIB price could surpass the $0.00003 resistance and move towards the $0.000035 level. A rise up to $0.000038 can be expected towards the end of the month.
Investors should monitor market movements by paying attention to support and resistance levels. During this period, it will be useful to closely follow market data and technical indicators to create careful strategies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
