SHIB Price Analysis for March 23

The correction seems to have finished on the cryptocurrency market, according to the CoinMarketCap ranking.

SHIB/USD

SHIB has not followed the growth of other coins, going down by 0.66%.

On the hourly time frame, the rate of SHIB is about to fix above the local resistance at $0.00001083. Thus, the volume is rising, which confirms bulls’ pressure. If the candle closes around that mark, growth may continue to $0.000011 tomorrow.

On the bigger chart, the rate of SHIB keeps trading sideways, accumulating power for a further move.

At the moment, none of the sides has accumulated enough power, which means that ongoing consolidation in the range of $0.00001050-$0.0000011 is the more likely scenario.

A similar situation can be seen on the weekly time frame. Traders may start thinking about a midterm rise only if the rate fixes above the $0.00001150 zone. Until it happens, further accumulation is the more likely scenario until mid-April.

SHIB is trading at $0.00001090 at press time.