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Bears are controlling the situation on the market today, according to CoinStats.
SHIB/USD
The price of SHIB has declined by 1.55% since yesterday.
On the hourly chart, the rate of SHIB is looking bearish. If a breakout of the local support happens, the fall is likely to continue to the $0.000012 zone soon.
On the bigger time frame, the price of the meme coin is in the middle of the channel between the support of $0.00001183 and the resistance of $0.00001273.
The volume keeps going down, which means neither side has enough energy for a further move. All in all, consolidation in the area of $0.000012-$0.00001250 is the more likely scenario.
From the midterm point of view, the situation is similar. The rate of SHIB is trading within the previous candle, confirming the absence of buyers' and sellers' energy. All in all, traders are unlikely to witness increased volatility over the next weeks.
SHIB is trading at $0.00001221 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team