The cryptocurrency market is trading sideways on Sunday, according to CoinMarketCap.
The rate of SHIB has declined by 1.10% over the last 24 hours.
On the hourly chart, the price of SHIB has found a local support level at $0.00001103. At the moment, one should pay attention to the daily closure. If it happens near the resistance at $0.00001131, the growth may continue to the $0.00001150 mark shortly.
On the bigger time frame, the price of SHIB has bounced off the support at $0.00001089. While the rate is above that mark, a slight correction is possible.
From another point of view, the accumulated energy is not enough for a reversal, which means that the more likely scenario is sideways trading in the range of $0.000011-$0.00001150.
The situation is more bearish on the weekly chart as the bar is about to close near the support at $0.00001086. If that happens and the candle closes with no long wicks, the decline may continue to the $0.000010 zone by the end of the month.
SHIB is trading at $0.00001117 at press time.