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The market is almost red today, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has declined by 2.72% over the last 24 hours.
On the hourly chart, the price of SHIB keeps looking bearish on the hourly chart. If a breakout of the $0.00000711 level happens, the decline is likely to continue to the $0.0000070 area soon.
On the longer time frame, there are also no reversal signals yet. If the daily bar closes near the $0.0000070 level, the accumulated energy might be enough for a more profound decline to the next support at $0.00000678.
A similar picture can be seen on the weekly chart.
If bulls cannot seize the initiative, traders may expect a support breakout, followed by an ongoing drop to the $0.0000060 range.
SHIB is trading at $0.00000712 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team