The overral market trend remains bearish, according to CoinMarketCap.
SHIB/USD
The price of SHIB has gone down by 7.48% over the last 24 hours.
On the hourly chart, the rate of SHIB has bounced off the local support level of $0.000016. However, if sellers’ pressure continues, one can expect a breakout, followed by a move to the $0.00001580 zone soon.
Bears are also powerful on the bigger time frame. If the daily candle closes near the $0.00001592 level or below it, the accumulated energy might be enough for a further correction to the $0.000015-$0.00001550 zone.
From the midterm point of view, buyers have failed to keep the rise after the previous bullish bar’s closure.
If the situation does not change until the end of the week, the fall is likely to continue to the $0.000014 range.
SHIB is trading at $0.00001626 at press time.
