This week, the price of SHIB token shows slight changes. Let's explore current trends and potential future movements.
Current Market Trends for SHIB
Over the last day, the rate of SHIB has risen by 1.1%. However, on the hourly chart, the price is declining following a false breakout of the local resistance at $0.00001167. If the daily bar closes near the support, a breakout level is expected, followed by a test of the $0.00001140 range.
Technical Analysis and Support Levels
On a larger time frame, neither side is dominating, as the meme coin's rate is far from key levels. An accumulation period in the range of $0.00001150-$0.00001180 is a more likely scenario. This is due to the price being within the previous week's candle, making sharp moves unlikely in the coming days.
Future Prospects
At press time, SHIB is trading at $0.00001151. Traders should monitor the situation closely, as expectations for significant fluctuations remain low.
In conclusion, the current situation in the SHIB market requires careful analysis. Monitoring support and resistance levels may assist in making more informed decisions.
