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SHIB Price Analysis for February 7

Tue, 02/07/2023 - 18:30
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Denys Serhiichuk
Can one expect continued drop of SHIB?
SHIB Price Analysis for February 7
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The cryptocurrency market seems not to have not decided yet which way to go, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


SHIB is one of the biggest losers today, falling by 3.41%.

SHIB/USD chart by TradingView

On the local chart, the price of SHIB is trading sideways, between the support at $0.00001375 and the resistance at $0.00001424. If buyers can hold the rate above the $0.000014 mark, the accumulated energy might be enough for a breakout, followed by a rise to the $0.00001460 zone.

SHIB/USD chart by TradingView

On the bigger time frame, the price has made a false breakout of yesterday's low at $0.00001392. If the daily bar closes above that mark, one can expect SHIB trading in the narrow channel between $0.000014-$0.0000145 so the meme coin can gain strength for a further move.

SHIB/USD chart by TradingView

On the weekly chart, one should pay attention to two levels: $0.00001395 and $0.00001519. Currently, the price is located closer to the first one, confirming ongoing sellers' pressure. If the breakout of that mark happens, the decline may continue to the $0.000013-$0.0000135 area by the end of the month.

SHIB is trading at $0.00001411 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