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The bounce back may have finished on the cryptocurrency market, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has declined by 2.49% over the last 24 hours.
Despite today's fall, the price of SHIB is looking bullish on the hourly chart as it is trading near the local resistance.
Denys SerhiichukIf buyers can hold the gained initiative, there is a chance to see a breakout, followed by a move to the $0.000023 zone.
On the bigger time frame, the situation is neutral as the rate of SHIB keeps accumulating energy. As none of the sides is dominating, consolidation in the area of $0.000020-$0.000024 is the more likely scenario until the end of the week.
From the midterm point of view, the picture is quite similar. The volatility has declined, confirming the absence of buyers' and sellers' strength. Traders may expect sideways trading around current prices within the next few days.
SHIB is trading at $0.00002216 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin