As a researcher with experience in cryptocurrency analysis, I’ve been closely monitoring the market trends and keeping an eye on the top 10 coins according to CoinMarketCap. It’s encouraging to see some of them bouncing back into the green zone. However, my focus today is on SHIB/USD.
Some coins from the top 10 list have returned to the green zone, according to CoinMarketCap.
SHIB/USD
The rate of SHIB is unchanged over the last 24 hours.
On the hourly chart, SHIB‘s price sits comfortably within the bounds of its current price range. With the majority of the daily Average True Range (ATR) having already been surpassed, it’s unlikely we’ll see significant price swings before the end of the day.
From a long-term perspective, I observe that the current market condition is bearish as the rate hovers near the support level rather than the resistance one. If buyers manage to push the price back up to the $0.000018 zone and maintain it there, they might consider initiating a potential reversal.
As a researcher studying the mid-term trends, I’ve observed that neither side holds a clear advantage in the SHIB market. The current rate of exchange for SHIB remains within the confines of its previous trading bar.
If nothing changes, sideways trading between $0.000015 and $0.000018 is the more likely scenario.
SHIB is trading at $0.00001636 at press time.
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2024-07-09 18:27