The bounce back has not lasted long, and the majority of the coins are back in the red zone, according to CoinStats.
SHIB/USD
The price of SHIB has declined by 3.29% over the last 24 hours.
On the hourly chart, the rate of SHIB is in the middle of the local channel. However, if buyers’ pressure continues, one can expect a resistance breakout, followed by a move to the $0.00001150 zone.
On the bigger time frame, the price of SHIB is within yesterday’s bar, which means neither side has accumulated enough strength for a sharp move.
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In this case, sideways trading in the range of $0.00001120-$0.00001180 is the more likely scenario.
From the midterm point of view, the situation is bearish. If the weekly candle closes below the support of $0.00001146, the decline is likely to continue to the $0.00001050-$0.000011 area.
SHIB is trading at $0.00001138 at press time.
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