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Bulls are trying to hold the initiative on the last day of the week, according to CoinStats.

SHIB/USD

The rate of SHIB has increased by 3.31% over the last day.

On the hourly chart, the rate of SHIB is in the middle of the local channel, between the support of $0.00003120 and the resistance of $0.00003343.

As most of the ATR has been passed, any sharp moves are unlikely to happen by the end of the day.

On the bigger time frame, the price of the meme coin has once again bounced off the resistance of $0.00003316. If the candle closes far from that mark, there is a possibility of a correction to the $0.000031 area.

From the midterm point of view, one should focus on the weekly bar closure in terms of the $0.00003316 level. If it happens below it, sellers may seize the initiative, which might lead to a decline to the $0.000030 range.

SHIB is trading at $0.00003225 at press time.