SHIB Technical Analysis Report | 02nd-MARCH-2023

Shiba Inu has been making waves on Twitter and Discord for several weeks. Its price is up almost 60% since the beginning of 2023, overtaking larger competing tokens like Ethereum (up 37%) and Bitcoin (up 41%). The launch of Shibarium, an upcoming blockchain network set to be integrated with the Shiba Inu coin, could act as a boost. It will be built as a “Layer 2” blockchain built on top of the Ethereum blockchain, providing the basic structure for Shiba Inu and its functionality. The asset’s price is down by almost 3% while global volume has also fallen by 4% in the last 24 hours.

At the time of writing, SHIB was trading at $0.6980.

SHIB Chart | 02nd March 2023
Shiba Inu (SHIB) Chart

SHIB after making the low of 0.00000778 witnessed a massive rally and the price surged almost by 102% and made the high of $0.00001575 within two months from the low. However, the asset faced stiff resistance around the recent high and failed to sustain and close above the key level of $0.000015 (Horizontal Trendline).  Post this move, Shib saw some profit booking and plunged almost by 25% from the high. Currently, the asset is taking good support at $ 0.00001170 (Upsloping Trendline and 200 Day Moving Average). If it holds and sustains above the support then we can expect the bulls to resume the up-move whereas a break below the support will lead to further downfall.

Support 2Support 1AssetResistance 1Resistance 2

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now