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SHIB Price Analysis for September 29

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Thu, 29/09/2022 - 15:07
SHIB Price Analysis for September 29
Cover image via www.tradingview.com

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Even though the day has started with continued trading, bears are trying to seize the initiative as some coins have come back to the red zone.

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SHIB/USD

The rate of SHIB is almost unchanged since yesterday as it has risen by only 0.11%.

SHIB/USD chart by TradingView

On the hourly time frame, SHIB is about to break the local support level at $0.00001101. If bears can keep the pressure on and fix the price below that mark, the decline may lead to the test of the nearest zone of interest around $0.00001090.

SHIB/USD chart by TradingView

The opposite situation can be seen on the daily chart as sideways trading remains the more likely scenario. However, if the price decrease continues to the $0.00001060 mark, traders can expect the test of the support level at $0.00001029 soon.

SHIB/USD chart by TradingView

On the weekly chart, the price of SHIB is located closer to the support level than to the resistance, which confirms ongoing seller pressure. If buyers cannot change the situation shortly, there is a possibility of seeing the test of the $0.000010 mark in October.

SHIB is trading at $0.000011 at press time.

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