SHIB Price Analysis for March 23

Price Analysis
Wed, 03/23/2022 - 14:55
Cover image via www.tradingview.com
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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

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

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.

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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

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

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

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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.