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Bulls are not going to give up so easily, and most of the coins have come back to the green zone, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has risen by 1.05% over the last 24 hours.
On the hourly chart, the price of SHIB is breaking the local support at $0.00000866. If the daily bar closes below that mark, the decline is likely to continue to the $0.00000850 area soon.
On the longer time frame, the situation is also bearish. The rate of SHIB is coming back to the support level at $0.00000858 formed by its false breakout.
If sellers' pressure continues, traders may witness a test of the $0.0000080 zone by the end of the week.
From the midterm point of view, one should focus on the weekly bar's closure. If it happens around the current price or below, sellers may seize the initiative, which may lead to a drop to the $0.0000070 range by the end of the month.
SHIB is trading at $0.00000872 at press time.
Denys Serhiichuk
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