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The weekend has started with a market-wide bounce back, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has risen by 0.34% over the last day.
On the hourly chart, the price of SHIB is going down after setting a local resistance of $0.00001191.
If the daily bar closes below the support of $0.00001174, there is a high chance to witness a test of the $0.00001160 zone soon.
On the bigger time frame, the situation is also more bearish than bullish. If the candle closes below the current prices or below, traders may see a support breakout, followed by an ongoing fall to the $0.00001140-$0.00001150 range soon.
From the midterm point of view, one should focus on the weekly bar closure in terms of the $0.00001160 level. If buyers lose it, the accumulated energy might be enough for a more profound drop to the $0.000011 area.
SHIB is trading at $0.00001176 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team