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The market correction has taken a pause today, according to CoinStats.
SHIB/USD
SHIB is one of the biggest gainers today, rocketing by 8%.
Despite today's sharp growth, the rate of SHIB is falling after a false breakout of the resistance of $0.00001190. If bulls cannot seize the initiative, one can expect a test of the support level by tomorrow.
On the longer time frame, the price of the meme coin has bounced off the resistance of $0.00001184.
If the daily bar closes far from that level, bears may seize the initiative, which may lead to a correction to the $0.00001150 zone.
From the midterm point of view, the situation is better for buyers. The rate of SHIB is going up after a false breakout of the support of $0.00001028. However, buyers might need more time to accumulate energy for a further upward move. In this case, sideways trading in the range of $0.000011-$0.00001250 is the most likely scenario.
SHIB is trading at $0.00001163 at press time.
Vladislav Sopov
U.Today Editorial Team