Shiba Inu $SHIB fell below the 50-day SMA ($0.000017) on November 3, but bears could not capitalize on the advantage.
Daily candlestick chart of the SHIB/USDT pair. Source: TradingView
Bulls pushed the price up to the upper resistance of $0.000020 on November 6. This is a crucial level for bears to defend, as a breakout and close above it would complete an inverted H&S pattern. This could initiate a new bullish move to $0.000026 and then to $0.000029.
This positive outlook will be invalidated in the short term if the price retraces and breaks below the support of $0.000016. This would suggest that the SHIB/USDT pair could remain within the range of $0.000013 to $0.000020 for a longer time.
