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Bears are controlling the situation on the crypto market on the first day of the weekend, according to CoinStats.
SHIB/USD
The rate of SHIB has declined by 1.3% over the last 24 hours.
On the hourly chart, the price of SHIB is in the middle of the local channel, between the support of $0.00001195 and the resistance of $0.00001227.
The volume remains low, which means traders are unlikely to witness increased volatility by tomorrow.
On the bigger time frame, the rate of the meme coin is within yesterday's bar. If a bounce back does not happen, there is a high chance of a level breakout, followed by an ongoing correction to the $0.00001150 area.
From the midterm point of view, there are no reversal signals yet. If the weekly bar closes around the current prices, one may witness a test of the $0.000010 zone soon.
SHIB is trading at $0.00001207 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team