SHIB Price Analysis for March 2

Bears have returned to the game, according to the CoinMarketCap ranking.

SHIB/USD

SHIB has followed the decline of most of the other coins, going down by 3.52%.

Despite sellers’ pressure, the price of SHIB has made a false breakout of the recently formed support level at $0.00001183. If the bar closes above it, bulls have a chance to bounce back to the $0.000012 zone.

On the bigger time frame, the price is approaching the support at $0.00001170. That level plays a key role for bulls in terms of a possible rise. If they lose it, the accumulated energy can be enough for a downward move to the $0.000011 zone.

From the midterm point of view, SHIB is about to close below the previous candle low at $0.00001198. If that happens, the decline may continue to the test of the $0.000010 mark.

Such a scenario is relevant until the end of the month.

SHIB is trading at $0.00001190 at press time.

Source