The SHIB cryptocurrency market has seen a 1.66% increase over the past day. Let's explore what might influence the price shortly.
Current Market Situation
At present, the SHIB price might face local resistance at $0.00001598. Most of the daily ATR has already been passed, making sharp changes by the end of the day unlikely.
Short-term Outlook
On larger time frames, the meme coin's rate continues to grow after yesterday's bullish closure. However, buyers might need more energy for an ongoing upward move. In this case, trading likely will happen within the range of $0.00001550-$0.00001650.
Medium-term Forecast
From a medium-term perspective, neither buyers nor sellers dominate the market, indicating that sharp movements are not expected soon. At the time of writing, SHIB is trading at $0.00001585.
Despite the current price increase, SHIB may remain within a narrow trading range. Investors should be vigilant and monitor market changes.
