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SHIB Price Analysis for March 23

Wed, 03/23/2022 - 14:55
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Denys Serhiichuk
How great is the chance to see the rise of SHIB soon?
SHIB Price Analysis for March 23
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Even though bulls keep controlling the situation on the market, some coins could not follow the bullish trend.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

SHIB/USD

SHIB coudld not grow as fast as most of the coins, falling by 0.82% since yesterday.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

On the hourly chart, SHIB is trading in the middle of the channel between the support at $0.00002306 and the resistance at $0.00002406. The meme coin has not accumulated enough power yet as the trading volume remains low.

Related
DOGE and SHIB Price Analysis for March 21

Thus, the altcoin is located around the zone of the most liquidity at $0.000002360. In this case, sideways trading is the more likely scenario for the upcoming days.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

On the longer time frame, SHIB is also located in a wide channel with neither bullish nor bearish signals. However, if buyers could fix in the area of $0.000024, there is a chance to see slight growth to the mark of $0.000025.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

On the longer-term chart, SHIB is more bullish than bearish as the price has not declined after the bearish weekly candle.

Related
Bitcoin (BTC) Price Analysis for March 21

It means that bulls are not ready to give up. If the buying trading volume increases, there is a possibility of seeing the test of the resistance level at $0.00002755 within the next few weeks.

SHIB is trading at $0.00002371 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 denys.serhiichuk@u.today.