Oversold Shiba Inu Screams Rebound: Levels To Watch

The mainstream canine coin Shiba Inu (SHIB) has once added the fifth zero to its market value, and the SHIB Army is waiting for the crypto whales to step in and save the day. With the parent chain Ethereum (ETH) trashing multiple support levels overnight amid the strengthening USD, Shiba Inu (SHIB) traded in the exactly the same trajectory, with both losing 5.9% in 24 hours.

For SHIB, the current price range of $0.000009055 serves a huge test, as this is a major demand area where whales tend to accumulate. Moreover, it’s clear that the canine coin had reached oversold levels, evident in the Relative Strength Index (RSI) turning below 40.

Key Shiba Inu Levels To Watch Out For This November

Meanwhile, market connoisseurs are rooting for Shiba Inu’s (SHIB) late registration to the bull run, as the meme coin is known to make late moves, often within days of delays in comparison to other blue-chip alts. With the trading volume slowly picking up, traders expect the oversold Shiba Inu condition to manifest itself in strong buying power, opening up three SHIB targets.

According to chart analyst Saraah87, $0.0000115 is the first logical step, with the middle target set at $0.00001172 in a rebound rally. Based on historical price data, the analyst’s prognosis is also factoring in the oversold position, hinting at an under-valued market price for Shiba Inu, with $0.00001220 being the main near-term target for the meme coin.

However, the biggest hurdle remains at $0.00001300, where the majority of SHIB’s circulation can produce either a sell wall or a catalyst for a triple-digit percentage rebound. As whales are taking profits at the current range, the former is more likely to happen.

The green 0.618 Fibonacci Retracement level is a particularly important mid-point, coinciding with the analyst’s second target. Regardless, SHIB must sustain above the crucial support at $0.0000906 to swing at the aforementioned price targets this month.

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People Also Ask:

What is Shiba Inu? A cryptocurrency token launched in 2020. It started as a meme coin inspired by the Shiba Inu dog (same as Dogecoin).

How is it different from Bitcoin? Bitcoin is digital gold. SHIB is more like a community token—cheaper to buy, but much more volatile.

Why is it called “oversold” right now? A common price meter (RSI) dropped below 40. That often means the coin has fallen fast & may bounce.

Has this happened before? Yes. In March 2023, the same signal appeared and SHIB later rose about 180 % in six weeks.

Are big holders buying? Some – three large crypto wallets added over 1.2 trillion SHIB tokens in the last two days.

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