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A new week has begun with a market reversal, according to CoinStats.
SHIB/USD
The rate of SHIB has declined by 4.62% over the past day.
Despite today's fall, the price of SHIB keeps looking bearish on the hourly chart. If the breakout of the $0.00001251 support happens, the correction may continue to the $0.000012 area.
On the longer time frame, the rate of the meme coin is going down after yesterday's bearish closure.
If the candle closes around the current prices or below, one can expect a test of the $0.00001173 support over the next few days.
From the midterm point of view, it is too early to make any distant predictions. In this case, traders should focus on the weekly candle's closure in terms of the interim zone of $0.00001150-$0.00001250. If its breakout happens, the decline may continue to the $0.00001028 mark.
SHIB is trading at $0.00001256 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team