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Bears are controlling the situation on the market today, according to CoinStats.
$SHIB/USD
The price of $SHIB has declined by 1.55% since yesterday.
On the hourly chart, the rate of $SHIB is looking bearish. If a breakout of the local support happens, the fall is likely to continue to the $0.000012 zone soon.
On the bigger time frame, the price of the meme coin is in the middle of the channel between the support of $0.00001183 and the resistance of $0.00001273.
The volume keeps going down, which means neither side has enough energy for a further move. All in all, consolidation in the area of $0.000012-$0.00001250 is the more likely scenario.
From the midterm point of view, the situation is similar. The rate of $SHIB is trading within the previous candle, confirming the absence of buyers' and sellers' energy. All in all, traders are unlikely to witness increased volatility over the next weeks.
$SHIB is trading at $0.00001221 at press time.
coindesk.com
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