The sellers' pressure continues on the cryptocurrency market, according to the CoinMarketCap ranking.
SHIB/USD
The price of SHIB has risen by 5.16% over the last 24 hours.
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.
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.
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.
Arman Shirinyan
Alex Dovbnya
