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Saturday has started with a market correction, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has declined by 0.46% over the last 24 hours.
On the hourly chart, the price of SHIB has set a local support of $0.00001223. However, one should focus on the daily bar closure in terms of that mark.
If a bounce back does not happen, traders may see a level breakout, followed by a further drop to the $0.000012 zone.
On the bigger time frame, the rate of the meme coin is in the middle of the channel between the support of $0.00001183 and the resistance of $0.00001273. As neither side is dominating, sideways trading around the current prices is the more likely scenario.
From the midterm point of view, the situation is similar. The price of SHIB is within the previous weekly candle, which means traders are unlikely to witness sharp moves soon. Such a statement is also confirmed by the falling volume.
SHIB is trading at $0.00001226 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team