Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The new week has started with a market bounce back, according to CoinStats.

SHIB/USD

The rate of SHIB has increased by 2.59% over the last 24 hours.

On the hourly chart, the price of SHIB is in the middle of the local channel, between the support of $0.00002633 and the resistance of $0.00002769. As most of the daily ATR has been passed, there are low chances to expect any sharp moves today.

Today's rise has not affected the overall technical position of SHIB on the daily time frame. If buyers want to get back in the game, they need to restore the price above the interim zone of $0.000028. 

Only in that case, there is a chance to see a test of the resistance of $0.00002954.

From the midterm point of view, it is too early to make any distant predictions as the week has just begun. However, the volume keeps going down, which means that neither bulls nor bears are ready to seize the initiative.

SHIB is trading at $0.00002694 at press time.