Technical analysis of SHIB on November 23, 2024

Shiba Inu bounced back from the 20-day EMA ($0.000023) on November 21, indicating that bulls continue to buy on dips.

Bulls need to push the price above the resistance level of $0.000026 to pave the way for a retest of the $0.000029 level. If the price breaks out and closes above $0.000029, this will complete an inverted head and shoulders bullish pattern, initiating a rally to $0.000039 and subsequently the pattern target at $0.000047.

Conversely, if the price declines and breaks below the 20-day EMA, this will indicate that bears have returned. Subsequently, the SHIB/USDT pair could drop to the SMA ($0.000020).