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 market might not have faced a local deep, according to CoinStats.

SHIB/USD

The price of SHIB has dropped by 0.8% over the last day.

On the hourly chart, the rate of SHIB is approaching the local resistance level of $0.00002424. If the daily candle closes near that mark or above, the accumulated strength might be enough for a breakout, followed by a move to $0.000025.

On the bigger time frame, the price of SHIB has bounced off the mirror level of $0.00002350. However, it is too early to think about a reversal as not enough power has been accumulated yet. 

In this case, sideways trading around $0.000024 is the most likely scenario.

A less positive picture can be seen on the weekly chart. The price of SHIB has tested, several times, the support level of $0.00002136. In case of a drop to this mark, bears may seize the initiative, which can lead to a more profound decline to the vital zone of $0.000020.

SHIB is trading at $0.00002390 at press time.