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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.
Denys SerhiichukIf 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.
Dan Burgin
Alex Dovbnya