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Bears are back in the game at the beginning of the weekend, according to CoinStats.
SHIB/USD
The price of SHIB has gone down by 0.43% over the last 24 hours.
On the hourly chart, the rate of the meme coin is falling after setting a local resistance of $0.00001534. If the situation does not change, there is a possibility of a decline to the $0.00001445 mark by tomorrow.
On the bigger time frame, bulls are facing trouble on the way to local peaks. The current daily bar is within yesterday's candle, which means buyers might need some time to accumulate energy for a further move.
In this case, sideways trading in the area of $0.000014-$0.000015 is the more likely scenario.
From the midterm point of view, one should focus on the weekly candle closure in terms of its peak. If it happens with a long wick, traders may see a local correction to the $0.000014 mark soon.
SHIB is trading at $0.00001478 at press time.
Vladislav Sopov
U.Today Editorial Team