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BTC, DOGE and SHIB Price Analysis for March 6

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The last day of the week has turned out to be bearish for the cryptocurrency market as most of the coins remain in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) is almost unchanged since yesterday. It has dropped by only 0.46% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daliy chart, Bitcoin (BTC) is below the crucial level of $40,000. As long as bulls cannot seize the initiative, bears keep controlling the situation on the market. The selling trading volume is declining, which means that if the daily candle fixes above the $39,000 mark, the breakout of $40,000 may happen next week.

Bitcoin is trading at $38,959 at press time.

DOGE/USD

DOGE is following Bitcoin (BTC) as its rate has also not changed since yesterday.

DOGE/USD chart by TradingView
DOGE/USD chart by TradingView

Despite the relatively neutral mood, the price is slowly approaching the support level at $0.1204 on the daily time frame. Currently, one needs to pay close attention to where the daily candle closes. If bears manage to keep the pressure on, the breakout of the level might be a prerequisite for a sharp drop to the zone around $0.11 shortly.

DOGE is trading at $0.1234 at press time.

SHIB/USD

SHIB is the only gainer from the list today as the meme coin has risen by 0.35%.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

SHIB is trading similarly to DOGE as it is also located near the support level at $0.00002310. However, the volume is declining, which means that bears are getting weaker, confirming buysers’ power.

All in all, if bulls can keep the rate above the support, there is a chance to see slight growth to the middle of the channel ($0.000026).

SHIB is trading at $0.00002404 at press time.

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