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Most of the coins are coming back to the green zone after a sharp drop, according to CoinStats.
SHIB/USD
The rate of SHIB has risen by almost 1% over the last 24 hours.
On the hourly chart, the price of SHIB is testing the local resistance of $0.00001227. If it breaks out, the accumulated energy might be enough for a test of the $0.00001250 zone.
On the longer time frame, the situation remains bearish as the rate of the meme coin has not bounced off far from the support of $0.00001181.
If buyers cannot seize the initiative shortly, traders may witness a level breakout, followed by an ongoing decline to the $0.00001150 area.
From the midterm point of view, one should focus on the weekly closure in terms of the $0.00001181 level. If it happens around that mark or below, the accumulated energy might be enough for an ongoing drop to the $0.000011 area.
SHIB is trading at $0.00001224 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team