Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bears remain more powerful than bulls as the rates of coins keep falling.
SHIB/USD
The price of SHIB has fallen by almost 5% over the past 24 hours.
On the hourly chart, the price of SHIB has bounced off the local support level at $0.00001234. While the rate is above it, a correction is possible to the middle of the channel, to around the $0.00001250 zone.
However, if that does not happen, a breakout of $0.00001234 may be a prerequisite for a fall to the $0.000012 area.
Bears are also more powerful than bulls on the daily time frame. If the bar closes near the support at $0.00001209, the decline may continue to the zone of $0.000011-$0.00001150 next week.
From the midterm point of view, SHIB is neither bullish nor bearish as the price is located in the middle of the channel between the support at $0.00001086 and the resistance at $0.00001519. As neither side has accumulated enough strength for further sharp moves, ongoing sideways trading in the range of $0.000012-$0.000013 is the more likely scenario.
SHIB is trading at $0.00001240 at press time.
Arman Shirinyan
Alex Dovbnya
