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SHIB Price Analysis for April 4

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Tue, 4/04/2023 - 18:00
SHIB Price Analysis for April 4
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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The sellers' pressure continues on the cryptocurrency market, according to the CoinMarketCap ranking.

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SHIB/USD

The price of SHIB has risen by 5.16% over the last 24 hours.

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Despite today's rise, the price of SHIB has met the local resistance at the $0.00001159 mark. At the moment, the rate is located in the middle of the channel and there is a low possibility of seeing any sharp moves by the end of the day.

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All in all, sideways trading in the area of $0.00001120-$0.00001140 is the more likely scenario.

SHIB/USD chart by TradingView

Today's growth has not affected the general position of SHIB. If buyers want to seize the initiative, they need to return the rate to the $0.00001150 mark and fix above it. Only in that case, there is a chance of seeing the channel breakout, followed by a blast to the $0.0000120 zone.

SHIB/USD chart by TradingView
Image by TradingView

On the weekly time frame, the price of SHIB has once again bounced off the resistance at $0.00001169. However, the candle is far from the closure, which means that buyers have time to seize the initiative. If they succeed, the accumulated energy might be enough for a continued rise to the $0.000012-$0.000013 zone.

SHIB is trading at $0.00001120 at press time.

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