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The market keeps going down today, according to CoinMarketCap.
SHIB/USD
The rate of SHIB is almost unchanged since yesterday.
On the hourly chart, the price of SHIB is rising after a false breakout of the local support at $0.00000711. If the daily bar closes near the resistance or above it, the upward move is likely to continue to the $0.00000750 range.
On the longer time frame, the situation is less bullish. The rate of SHIB is far from main levels, which means neither bulls nor bears are dominating.
In this case, sideways trading in the zone of $0.00000720-$0.00000750 is the most likely scenario this week.
From the midterm point of view, sellers remain more powerful than buyers as the price of SHIB has not bounced back far from the support at $0.00000678. In this case, traders may witness an ongoing correction at the beginning of next month.
SHIB is trading at $0.00000731 at press time.
Denys Serhiichuk
Gamza Khanzadaev
Tomiwabold Olajide
Alex Dovbnya