As an experienced analyst, I’ve seen my fair share of market fluctuations, and this current trend of falling rates among the top 10 coins doesn’t faze me. In fact, it presents an opportunity for those who are willing to take a calculated risk. While SHIB has dropped by 1.18% since yesterday, it’s important to note that its price action on both the hourly and larger time frames is far from any significant support or resistance levels.
Bears’ are still powerful as the the rates of the top 10 coins are falling, according to CoinStats.
SHIB/USD
The price of SHIB has dropped by 1.18% since yesterday.
On the hourly chart, the SHIB rate is currently some distance away from both the support and resistance lines. A potential rebound might be on buyers’ minds once the price reaches and surpasses the $0.00002550 mark.
In the longer term perspective, neither side holds a clear advantage. The trading volume remains light, indicating that significant price swings may be unlikely for now.
It’s more probable that the cryptocurrency will continue trading laterally between $0.000025 and $0.000026 without significant price movement until the end of the week.
As a crypto investor looking at the market from a mid-term perspective, I see that neither buyers nor sellers are currently in control. Therefore, it’s likely that we will experience consolidation around the $0.000022 to $0.000027 price range.
SHIB is trading at $0.00002527 at press time.
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2024-06-07 15:13