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SHIB Price Analysis for December 12

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SHIB Price Analysis for December 12
Price Analysis

Tue, 12/12/2023 – 18:00

SHIB Price Analysis for December 12
Cover image via www.tradingview.com

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The cryptocurrency market is mainly trading sideways today, according to CoinStats.

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SHIB chart by CoinStats

SHIB/USD

The price of SHIB has declined by 1.36% over the last day.

Image by TradingView

On the hourly time frame, the rate of SHIB is coming back to the local support level of $0.00000950. If buyers cannot seize the initiative by the end of the day, the decline may lead to the drop to $0.000009 zone shortly.

Image by TradingView

Today’s technical move has not affected the general position of SHIB on the daily chart. If buyers want to get back in the game, they need to restore the price to the area of $0.00001050. In that case, there is a chance to see a test of the resistance of $0.00001136.

Image by TradingView

From the midterm point of view, it is too early to make any distant predictions as the bar has not closed yet. 

However, if the candle closes around the current prices, sideways trading in the area of $0.000009-$0.00001 is the most likely scenario until the end of the month.

SHIB is trading at $0.00000925 at press time.

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