SHIB Price Analysis for April 4

The sellers’ pressure continues on the cryptocurrency market, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

SHIB/USD

The price of SHIB has risen by 5.16% over the last 24 hours.

SHIB/USD chart by TradingView

Despite today’s rise, the price of SHIB has met the local resistance at the $0.00001159 mark. At the moment, the rate is located in the middle of the channel and there is a low possibility of seeing any sharp moves by the end of the day.

All in all, sideways trading in the area of $0.00001120-$0.00001140 is the more likely scenario.

SHIB/USD chart by TradingView

Today’s growth has not affected the general position of SHIB. If buyers want to seize the initiative, they need to return the rate to the $0.00001150 mark and fix above it. Only in that case, there is a chance of seeing the channel breakout, followed by a blast to the $0.0000120 zone.

SHIB/USD chart by TradingView

Image by TradingView

On the weekly time frame, the price of SHIB has once again bounced off the resistance at $0.00001169. However, the candle is far from the closure, which means that buyers have time to seize the initiative. If they succeed, the accumulated energy might be enough for a continued rise to the $0.000012-$0.000013 zone.

SHIB is trading at $0.00001120 at press time.

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