Main navigation

SHIB Price Analysis for June 6

Tue, 06/06/2023 - 16:10
article image
Denys Serhiichuk
Has rate of SHIB found local bottom yet?
SHIB Price Analysis for June 6
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.

Read U.TODAY on
Google News

Bears have come back to the game, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

SHIB/USD

The rate of SHIB has fallen by almost 5% over the last 24 hours.

SHIB/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of SHIB is trading in the middle of the local channel, accumulating power for a further move. If the closure happens near the $0.00000810 mark, there is a chance to see a resistance breakout, followed by a blast to the $0.00000840 area.

SHIB/USD chart by TradingView

Image by TradingView

On the bigger chart, the price is fighting for the important zone of $0.000008. Currently, one should focus on that area. If the bar closure happens above that area, there is a chance to see a bounce back to the $0.000009 range.

SHIB/USD chart by TradingView

Image by TradingView

From the midterm point of view, the rate of SHIB has made a false breakout of the support at $0.0000778.

Related
BTC, ETH, XRP, ADA and BNB Price Analysis for June 5

However, if the bar closes near that mark, the accumulated energy is supposed to be enough for a more profound decrease to the $0.000007 area.

SHIB is trading at $0.00000806 at press time.

article image
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.