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Even though the day has started bullish for the crypto market, more and more coins are coming back to the red zone, according to CoinStats.
SHIB/USD
The price of SHIB has declined by 1.17% over the last 24 hours.
On the hourly chart, the rate of SHIB is in the middle of the local channel, between the support of $0.00001275 and the resistance of $0.000013.
As none of the sides is dominating, there are low chances of seeing sharp moves by the end of the day.
On the longer time frame, the price of the meme coin is far from key levels. If buyers want to get back in the game, they need to restore the rate above the resistance of $0.00001314. Until it happens, traders may witness a correction to the $0.00001250 mark.
From the midterm point of view, none of the sides is dominating as the rate of SHIB is far from support and resistance levels. As none of the sides is controlling the situation on the market, there are low chances of seeing sharp moves soon.
SHIB is trading at $0.00001290 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team