Main navigation

SHIB Price Analysis for March 16

Thu, 03/16/2023 - 09:25
article image
Denys Serhiichuk
Can SHIB withstand bears' pressure?
SHIB Price Analysis for March 16
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

The market is trading sideways as some coins are in the green zone while others are in red.

Top coins by CoinMarketCap

SHIB/USD

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.

Related
Binance Coin (BNB) Price Analysis for March 14

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.

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.