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SHIB Price Prediction for May 11

Sat, 11/05/2024 – 17:34

Cover image via U.Today

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The market keeps falling after a slight bounce back, according to CoinStats.

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SHIB chart by CoinStats

SHIB/USD

The price of SHIB has dropped by 3.66% since yesterday.

Image by TradingView

On the hourly time frame, the rate of SHIB is more bearish than bullish as it is on the way back to the support level of $0.00002240. If the daily bar closes near that mark, the accumulated energy might be enough for a breakout followed by a move to $0.0000222.

Image by TradingView

On the bigger time frame, one should focus on the bar closure in terms of the support level of $0.00002230.

If it happens near it, there is a high chance of a drop to the $0.00002150-$0.000022 area by the end of the week.

Image by TradingView

A similar situation is on the weekly time frame. If the candle closes near the current prices, the breakout might be a prerequisite for a decline to the $0.000018 zone.

SHIB is trading at $0.00002259 at press time.

SOURCE

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