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The market has almost changed to red today, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has fallen by 0.26% over the past day.
On the hourly chart, the price of SHIB is going up after a breakout of the local resistance of $0.00001010. If bulls can hold the gained initiative and the daily bar closes near $0.00001030, growth is likely to continue to the $0.00001050 range.
On the longer time frame, the rate of SHIB is rising after a bounce back from the $0.00001019 level. However, buyers might need more time to accumulate energy for a further move.
In this case, sideways trading in the range of $0.00001030-$0.000011 is the most likely scenario.
From the midterm point of view, the picture remains bearish as the price of the meme coin is under the $0.00001145 level. In this case, a further drop remains the more likely scenario.
SHIB is trading at $0.00001044 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team