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An ongoing drop remains the more likely scenario for most of the cryptocurrencies, according to CoinStats.
SHIB/USD
The rate of SHIB has fallen by 3.83% over the last day.
On the hourly chart, the price of SHIB has made a false breakout of the support level of $0.00001231.
Denys SerhiichukHowever, if the bounce back does not happen by the end of the day, one can expect an ongoing decline to the $0.000012 area.
On the bigger time frame, bears are also more powerful than bulls. If the daily bar closes around the current prices and with no long wick, traders may witness a test of the support of $0.00001154 soon.
From the midterm point of view, one should pay attention to the candle's closure in terms of the $0.00001078 level. If its breakout occurs, the accumulated energy might be enough for a more profound correction to the $0.000010 area and below.
SHIB is trading at $0.00001232 at press time.
Dan Burgin
Vladislav Sopov