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The market might need time to gain energy for a further move, according to CoinStats.

SHIB/USD

The price of SHIB has dropped by almost 17% over the last day.

Despite today's decline, the rate of SHIB keeps looking bearish on the hourly chart. The price is near the support of $0.00002333. 

If bears' pressure continues, there is a chance to see a level breakout, followed by a test of the $0.000023 area.

On the bigger time frame, traders should pay attention to the daily closure in terms of the $0.00002440 level. If it happens and the bar closes near its low, the correction may lead to a test of the $0.000021-$0.000022 range soon.

On the weekly chart, the rate of SHIB has made a false breakout of the resistance of $0.00002954. If the bar closes around the current prices or below, traders may witness a test of the support level until the end of the month.

SHIB is trading at $0.0000024 at press time.