Bears have become more active at the end of the week, according to CoinMarketCap’s ranking.
The price of SHIB has risen by 0.20% over the last 24 hours.
On the hourly chart, SHIB is trading near the local support level at $0.00001096. If a bounce-back does not happen, the breakout can lead to a sharp drop to the $0.00001050 area.
On the daily chart, the price of SHIB keeps accumulating energy as neither side has seized the initiative yet. If buyers want to see a midterm rise of SHIB, they need to restore the rate to the $0.00001150 mark and fix it above.
Only in that case is there a possibility of a breakout of the resistance at $0.00001169.
A similar situation is on the weekly time frame as the price is stuck in the middle of the channel. Low volume also confirms the ongoing sideways trading. All in all, further consolidation in the narrow range of $0.00001050-$0.000011 is the more likely scenario for the next few days.
SHIB is trading at $0.00001093 at press time.
This article was originally published by Crypto News.