May 29, 2023

SHIB Price Analysis for March 23


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


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

SHIB/USD chart by TradingView

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.

SHIB/USD chart by TradingView

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.

SHIB/USD chart by TradingView

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.

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