saw some weakness from November 3 to November 15, and its pullback on the charts saw indices such as Dow Jones and the S&P 500 jump by around 8% in the same period. The crypto-market should have performed well, but fears of contagion from FTX marred its progress.On 22 June, Shiba Inu formed a bearish order block, highlighted by the red box . Since then, each retest of this region has seen a noticeable bounce in SHIB prices.
Over the course of the last ten days, this has changed. From being a bullish order block, the same zone has been flipped to a bearish breaker. Moreover, the price was beneath the significant horizontal levels at $0.00000943 and $0.00001048. Zooming in on the charts to a 4-hour timeframe, a bearish order block was spotted from $0.00000967 to $0.0000105. It formed on 10 November, and can present sellers with a good risk-to-reward trade to short Shiba Inu.
To the south, another bullish order block lay near the $0.0000075-level. A positive reaction can be expected from SHIB, although a trend reversal might not commence yet. The RSI was back below neutral 50, at press time, to indicate bearish momentum. On the other hand, the OBV formed a series of higher lows since mid-June. This hinted at accumulation behind Shiba Inu.The 30-day MVRV ratio fell into the negative territory in early November.
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