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SHIB Price Analysis for March 16

Thu, 03/16/2023 - 09:25
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Denys Serhiichuk
Can SHIB withstand bears' pressure?
SHIB Price Analysis for March 16
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The market is trading sideways as some coins are in the green zone while others are in red.

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The rate of SHIB has declined by 7.44% over the last 24 hours.

SHIB/USD chart by TradingView

On the hourly chart, the price of SHIB is trading near the local resistance at $0.00001048. At the moment, one should pay close attention to the closure. If buyers can hold the gained initiative, the breakout may lead to a rise to the $0.00001060-$0.00001070 zone.

SHIB/USD chart by TradingView

On the bigger chart, the price is again below the $0.000011 zone. It means that bulls are not ready yet for a continued upward move.

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In this case, the more likely scenario is consolidation in the area of $0.00001040-$0.00001050.

SHIB/USD chart by TradingView

The worse situation can be seen on the weekly chart, as the price is on the way to the support at $0.00001007. If bears' pressure continues, the breakout of the $0.000010 mark can be a prerequisite for the drop to $0.000009 soon.

SHIB is trading at $0.00001041 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