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 are giving bulls no chance, as most of the cryptocurrencies are in the red zone.
Top coins by CoinMarketCap
SHIB/USD
The rate of SHIB has declined by 3.44% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of SHIB has fixed below the support level at $0.00000739. Thus, the selling volume has increased, which means that bears have locally seized the initiative. In this regard, an ongoing drop to the $0.000007 area is a likely scenario.
Image by TradingView
On the bigger time frame, one should pay attention to the nearest support level at $0.00000702. If the decline continues to that mark, the accumulated energy might be enough for a further decline to the $0.00000660 area.
Image by TradingView
On the weekly chart, the bar is on its way to the previous candle low at $0.00000702.
If the candle closure happens below it, there is a high chance of seeing an ongoing downward move to $0.000006.
SHIB is trading at $0.00000728 at press time.
Vladislav Sopov