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SHIB Price Analysis for October 30

Sun, 10/30/2022 - 22:00
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Denys Serhiichuk
How big are chances to see further rise of SHIB?
SHIB Price Analysis for October 30
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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The market might have entered a correction zone as the rates of most of the coins are falling.

Top 10 coins by CoinMarketCap

SHIB/USD

The rate of SHIB has risen by 0.34% over the past 24 hours.

SHIB/USD chart by TradingView

On the hourly chart, SHIB is returning to the local support level at $0.00001225. If buyers cannot seize the initiative, a further drop may lead to a test of the $0.000012 zone by the end of the day.

SHIB/USD chart by TradingView

On the daily time frame, the situation is also more bearish than bullish. The price has reached the interim support level at $0.00001222.

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If the bar closes below it, the impulse might be huge, followed by a sharp drop to the $0.00001150 zone.

SHIB/USD chart by TradingView

On the bigger chart, SHIB remains bullish as there is a large buying volume. In this case, the more likely scenario is a slight rise to the $0.000013 zone. However, buyers might need more time to accumulate power to make it happen.

SHIB is trading at $0.00001226 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.