Chainlink (LINK), Shiba Inu (SHIB) Price Analysis – November 24, 2021

The overall crypto market continues to print conflicting signals as bearishness dominated. As a result, Shiba Inu hit its 1-month low today, November 24. On the other part, Chainlink displayed revival signals after recording its weekly lows during November 18 sessions. However, bulls somewhat failed to maintain a sustained rally.

Shiba Inu

After ending October with a 200% rally, Shiba Inu suffered a firm downswing since touching its ATH. Shiba Inu plummeted within a triangle formation over this month. Meanwhile, the meme coin lost more than half of its price from October 28 to November 24.

However, Shiba Inu had an almost 13.76% surge on November 19. Bulls could not hold ground and the meme coin witnessed a 24% fall within five days. With that, SHIV hit its 1-month low on November 24. While writing this content, Shiba Inu traded near $0.00003897.

Shiba Inu saw its price actions under the 4hr 20-, 50-, and 200- Simple Moving Average, confirming bearish influence. The Relative Strength Index stayed at the oversold territory following a steady plunge since the past week. Moreover, the DMI showed sellers’ preferences, displaying their increased pressure. However, the ADX showed a vulnerable directional trend.

Chainlink

Chainlink (LINK) mimicked price actions by the overall market, recording pleasant moves in October. The alternative token upturned following a whopping 62% ROI from October 12 to November 10. That had the bulls achieving a 6-month peak of $38.31 on November 10. After that, bears stepped up, catalyzing a plunge as the altcoin traded on a southward channel.

The sell-off phase had LINK losing more than one-third of its price. Bears consistently shattered support levels to attain Chainlink’s 1-month low on November 18. After that, bulls tried a revival through a 10% surge from November 18 to November 22. However, the alt had its price actions obliging the downswing with a bounce from the plunging channel’s top line.

While writing these lines, LINK has its price at $26.4. The Relative Strength Index remained at the 39-level and depicted bearish dominance. Moreover, bearish gestures by the Moving Average Convergence Divergence and the DMI confirm downtrend price actions for Chainlink.