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BTC, DOGE and SHIB Price Analysis for March 6

Price Analysis
Sun, 03/06/2022 - 20:00
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Denys Serhiichuk
Which coins can remain stroger than Bitcoin (BTC)?
BTC, DOGE and SHIB Price Analysis for March 6
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The last day of the week has turned out to be bearish for the cryptocurrency market as most of the coins remain in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) is almost unchanged since yesterday. It has dropped by only 0.46% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daliy chart, Bitcoin (BTC) is below the crucial level of $40,000. As long as bulls cannot seize the initiative, bears keep controlling the situation on the market. The selling trading volume is declining, which means that if the daily candle fixes above the $39,000 mark, the breakout of $40,000 may happen next week.

Bitcoin is trading at $38,959 at press time.

DOGE/USD

DOGE is following Bitcoin (BTC) as its rate has also not changed since yesterday.

DOGE/USD chart by TradingView
DOGE/USD chart by TradingView

Despite the relatively neutral mood, the price is slowly approaching the support level at $0.1204 on the daily time frame. Currently, one needs to pay close attention to where the daily candle closes. If bears manage to keep the pressure on, the breakout of the level might be a prerequisite for a sharp drop to the zone around $0.11 shortly.

DOGE is trading at $0.1234 at press time.

SHIB/USD

SHIB is the only gainer from the list today as the meme coin has risen by 0.35%.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

SHIB is trading similarly to DOGE as it is also located near the support level at $0.00002310. However, the volume is declining, which means that bears are getting weaker, confirming buysers' power.

Related
BTC, ADA, BNB, AVAX and LUNA Price Analysis for March 3

All in all, if bulls can keep the rate above the support, there is a chance to see slight growth to the middle of the channel ($0.000026).

SHIB is trading at $0.00002404 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.