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A new week has begun with the fall of the market, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has declined by 5.17% over the past day.
On the hourly chart, the price of SHIB has made a false breakout of the local support of $0.000013. However, if a bounce back does not happen, one can expect a drop to the $0.00001260-$0.00001280 zone soon.
On the longer time frame, the rate of the meme coin is going down after a false breakout of the $0.00001438 level.
If the daily bar closes around the current prices or below, traders may witness a test of the $0.00001273 support shortly.
From the midterm point of view, the price of SHIB is within the previous week's bar. As the rate is far from the main levels, there are low chances of seeing any sharp moves soon.
SHIB is trading at $0.00001305 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team