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SHIB Price Analysis for October 18

Tue, 10/18/2022 - 16:05
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Denys Serhiichuk
Has SHIB returned to bearish zone by now?
SHIB Price Analysis for October 18
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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Bears have restored the lost initiative as most of the coins could not keep the rise going.

Top coins by CoinMarketCap

SHIB/USD

The price of SHIB has dropped by 2% over the last 24 hours.

SHIB/USD chart by TradingView

On the hourly chart, the price is SHIB is coming back to the recently formed support level at $0.00001006. If the breakout happens, the decline may lead to the test of the next important mark of $0.00001001 soon.

SHIB/USD chart by TradingView

On the daily chart, the situation is similar, as the price of SHIB is on its way to the interim support level at $0.000010.

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If the rate closes below this level and the selling volume rises, traders can expect the test of the $0.00000971 mark by the end of the week.

SHIB/USD chart by TradingView

On the weekly time frame, SHIB is fighting for the crucial $0.000010 mark. If bulls lose, there is a good chance to see the come back to the bearish midterm trend in the $0.0000090 zone by the end of the current month.

SHIB is trading at $0.00001009 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.