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SHIB Price Analysis for March 16

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Thu, 16/03/2023 - 9:25
SHIB Price Analysis for March 16
Cover image via www.tradingview.com

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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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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.

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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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