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By the middle of the week, most coins have returned to the red zone, according to CoinMarketCap.
SHIB/USD
The price of SHIB has fallen by 3.71% over the past day.
On the hourly chart, the rate of SHIB is testing the local support of $0.00001204. If the bounce back does not happen by the end of the day, the decline is likely to continue to the $0.0000190 range.
On the longer time frame, the picture is also rather more bearish than bullish.
If the candle closes around current prices, traders may expect a test of the $0.00001173 support shortly.
From the midterm point of view, the rate of the meme coin is far from key levels. In this case, one should focus on the daily bar closure in terms of the interim zone of $0.00001150. If its breakout occurs, the accumulated energy might be enough for a dump to the $0.00001050-$0.000011 range.
SHIB is trading at $0.00001216 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team