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SHIB Price Analysis for July 9

Sun, 07/09/2023 - 18:00
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Denys Serhiichuk
How long can growth of SHIB last?
SHIB Price Analysis for July 9
Cover image via www.tradingview.com

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The market keeps trading sideways, according to CoinMarketCap's ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

SHIB/USD

The price of SHIB has risen by 5.71% since yesterday.

SHIB/USD chart by Trading View

Image by TradingView

On the hourly chart, the rate of SHIB is trading near the local resistance after a bounce back from the support level at $0.00000758. If buyers can hold the gained initiative until the end of the day, the breakout may lead to a test of the $0.000008 zone tomorrow.

SHIB/USD chart by Trading View

Image by TradingView

Despite today's growth, the rate of SHIB has not accumulated enough energy for a midterm rise yet as the price is far from the resistance.

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However, if the upward move to $0.000008 continues, a test of the $0.00000850-$0.000009 area may happen shortly.

SHIB/USD chart by Trading View

Image by TradingView

On the weekly chart, traders should pay attention to the bar closure. If it occurs above the previous candle peak at $0.00000797, there is a possibility to see a test of the resistance at $0.00000824 by the end of the month.

SHIB is trading at $0.00000775 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.