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Saturday has started with a market correction, according to CoinMarketCap.
$SHIB/USD
The rate of $SHIB has declined by 0.46% over the last 24 hours.
On the hourly chart, the price of $SHIB has set a local support of $0.00001223. However, one should focus on the daily bar closure in terms of that mark.
If a bounce back does not happen, traders may see a level breakout, followed by a further drop to the $0.000012 zone.
On the bigger time frame, the rate of the meme coin is in the middle of the channel between the support of $0.00001183 and the resistance of $0.00001273. As neither side is dominating, sideways trading around the current prices is the more likely scenario.
From the midterm point of view, the situation is similar. The price of $SHIB is within the previous weekly candle, which means traders are unlikely to witness sharp moves soon. Such a statement is also confirmed by the falling volume.
$SHIB is trading at $0.00001226 at press time.
coindesk.com
