Some coins have already entered a correction phase, according to CoinStats.
SHIB/USD
The rate of SHIB has fallen by 6.35% over the past day.
On the hourly chart, the price of SHIB is trading near the support level of $0.00003361. If the situation does not change by the end of the day, one can expect a breakout followed by a drop to the $0.000032-$0.000033 zone.
On the bigger time frame, the rate is trading within yesterday's bar, which means that neither side has seized the initiative yet.
This statement is also confirmed by the low volume. In this case, sideways trading around $0.000035 is the more likely scenario for the upcoming week.
From the midterm point of view, the weekly bar is about to close far from its peak. However, while the price is above the $0.00002966 level, bulls remain more powerful than bears. It means it is too early to think about a trend change.
SHIB is trading at $0.00003464 at press time.