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SHIB Price Analysis for April 23

Sun, 04/23/2023 - 19:00
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Denys Serhiichuk
Is SHIB ready to rise soon?
SHIB Price Analysis for April 23
Cover image via www.tradingview.com

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Bulls are trying to seize the lost initiative as most of the coins are back in the green zone.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

SHIB/USD

The rate of SHIB has risen by 1.67% over the last 24 hours.

SHIB/USD chart by Trading View

Image by TradingView

Despite the slight growth, the price of SHIB has made a false breakout of the local resistance level at $0.00001045. If the daily closure happens below the $0.000010 mark, there is a high chance to see a drop below the support at $0.00001031.

SHIB/USD chart by Trading View

Image by TradingView

On the bigger time frame, the drop continued after the price had fixed below the $0.000011 zone. The volume remains low, which means that bulls are not ready to buy the coin at the current levels.

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If sellers' pressure continues to the important level at $0.00001, the accumulated energy may be enough for a further decrease to the $0.00000950 zone.

SHIB/USD chart by Trading View

Image by TradingView

On the weekly chart, the price is on the way to the interim support level at $0.00000965. If the closure happens below it, traders are likely to see the rate of SHIB near the next vital area around $0.000008.

SHIB is trading at $0.00001039 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.