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.
Bulls could not hold the initiative, and most of the coins have come back to the red zone, according to CoinStats.
SHIB/USD
The rate of SHIB has fallen by 3.1% over the last 24 hours.
On the hourly chart, the price of SHIB has made a false breakout of the local support at $0.00000847. If the daily bar closes near that mark or below it, the decline is likely to continue to the $0.00000830-$0.00000840 range tomorrow.
On the longer time frame, one should focus on the nearest level at $0.00000835. If the breakout happens, the accumulated energy might be enough for an ongoing decline to the $0.0000080 area.
Such a scenario is relevant for the whole week.
From the midterm point of view, the price of SHIB is in the middle of the channel, between the support at $0.00000678 and the resistance at $0.00001069. As neither bulls nor bears are dominating, traders are unlikely to witness sharp moves soon.
SHIB is trading at $0.00000851 at press time.
Denys Serhiichuk
Gamza Khanzadaev
Tomiwabold Olajide