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Some cryptocurrencies have come back to the green zone after a correction, according to CoinStats.
SHIB/USD
The rate of SHIB has declined by 1.39% since yesterday.
On the hourly chart, the price of SHIB is testing the local support of $0.00001266. If bulls cannot seize the initiative, the decline is likely to continue to the $0.00001250 mark.
On the longer time frame, the rate of the meme coin is about to fix below the support of $0.00001271. If it happens, traders may expect an ongoing downward move to the $0.000012 range.
Such a scenario is relevant until the end of the week.
From the midterm point of view, the price of SHIB is far from the support and resistance levels. Thus, the volume is low, which means traders are unlikely to witness sharp moves soon.
SHIB is trading at $0.00001272 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team