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SHIB Price Analysis for March 5

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Sun, 5/03/2023 - 19:00
SHIB Price Analysis for March 5
Cover image via www.tradingview.com

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The cryptocurrency market is trading sideways on Sunday, according to CoinMarketCap.

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SHIB/USD

The rate of SHIB has declined by 1.10% over the last 24 hours.

SHIB/USD chart by TradingView

On the hourly chart, the price of SHIB has found a local support level at $0.00001103. At the moment, one should pay attention to the daily closure. If it happens near the resistance at $0.00001131, the growth may continue to the $0.00001150 mark shortly.

SHIB/USD chart by TradingView

On the bigger time frame, the price of SHIB has bounced off the support at $0.00001089. While the rate is above that mark, a slight correction is possible.

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From another point of view, the accumulated energy is not enough for a reversal, which means that the more likely scenario is sideways trading in the range of $0.000011-$0.00001150.

SHIB/USD chart by TradingView

The situation is more bearish on the weekly chart as the bar is about to close near the support at $0.00001086. If that happens and the candle closes with no long wicks, the decline may continue to the $0.000010 zone by the end of the month.

SHIB is trading at $0.00001117 at press time.

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