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SHIB Price Analysis for May 7

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Sun, 7/05/2023 - 18:00
SHIB Price Analysis for May 7
Cover image via www.tradingview.com

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Bears are more powerful than bulls again, according to CoinMarketCap's ranking.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

SHIB/USD

The rate of SHIB has declined by 3.59% over the last 24 hours.

SHIB/USD chart by Trading View

Image by TradingView

On the hourly chart, the price of SHIB has bounced off the support level at $0.00000937. If the growth continues to the resistance, the breakout may lead to a test of the $0.00000960 zone shortly.

SHIB/USD chart by Trading View

Image by TradingView

On the daily time frame, the rate of SHIB has fixed below the important level at $0.00000965. While the price is below that mark, bears are more powerful than bulls.

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In this case, there is a high chance to see a further drop to the next zone of $0.000009 shortly.

SHIB/USD chart by Trading View

Image by TradingView

A similar picture is on the weekly chart as the rate is about to close near the support at $0.00000935. If that occurs, traders may see a blast to the area of $0.000008 by the end of the month.

SHIB is trading at $0.00000942 at press time.

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