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SHIB Price Analysis for March 12

Sun, 12/03/2023 - 19:00
SHIB Price Analysis for March 12
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Some coins are ready to bounce back, according to CoinMarketCap's ranking.


Top coins by CoinMarketCap


The rate of SHIB has increased by 1% over the last day.

SHIB/USD chart by TradingView

Despite the slight rise, the rate of SHIB has broken the local support level at $0.00001014. If the price remains below that mark until the end of the day, the fall may continue to the vital zone of $0.000010 shortly.

SHIB/USD chart by TradingView

The situation is a little bit different on the daily time frame. The price is above the support at $0.00000982, which means that bulls are not ready to give up so easily.

BTC, ETH and XRP Price Analysis for March 11

All in all, consolidation in the narrow range around $0.000010 is the more likely scenario for the next few days.

SHIB/USD chart by TradingView

On the weekly chart, traders should pay attention to the support level at $0.00001007. If the candle closes near this mark or even below it, the upcoming week can also become bearish for SHIB with a potential decline to the $0.000009 area.

SHIB is trading at $0.00001013 at press time.


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