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SHIB Price Analysis for May 23

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Tue, 23/05/2023 - 18:00
SHIB Price Analysis for May 23
Cover image via www.tradingview.com

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Bulls remain more powerful than bears as the prices of coins are rising.

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Top coins by CoinMarketCap

SHIB/USD

SHIB has followed the rise of other coins, rising by 1.74%.

SHIB/USD chart by TradingView

Image by TradingView

On the local time frame, the rate of SHIB has bounced off the support at $0.00000879. However, it is too early to think about buyers' dominance. It may happen only if the upward move continues to the interim mark of $0.000009 and fixes above it. Only in that case, there is a chance to see a test of the resistance at $0.00000918.

SHIB/USD chart by TradingView

Image by TradingView

On the daily chart, the price of SHIB has made a false breakout of the mirror level at $0.00000914, which serves as resistance. If the daily bar closes far from it and below yesterday's peak at $0.00000902, the correction may lead to the test of the $0.00000880 zone.

SHIB/USD chart by TradingView

A similar case can be seen from the midterm point of view; however, here, one should pay attention to the candle closure. If it occurs above the $0.00000892 level, buyers might seize the initiative and return the rate to the $0.00000950 area.

SHIB is trading at $0.00000891 at press time.

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