Bulls are not yet able to seize the initiative, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has declined by 0.74% over the last 24 hours.
On the hourly chart, the price of SHIB is rising after setting local support at $0.00000677. If growth continues and the daily bar closes near the resistance, traders may expect an ongoing upward move to the $0.0000070 zone.
On the longer time frame, one should focus on the recently formed level at $0.00000691. If its breakout happens, the accumulated energy might be enough for further growth to the $0.00000720-$0.00000740 range.
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This scenario is relevant for the rest of the week.
From the midterm point of view, the rate of SHIB is within yesterday’s bar, which means none of the sides has seized the initiative to make a sharp move. This is confirmed by the low volume. In this case, sideways trading in the area of $0.00000650-$0.00000750 is the most likely scenario.
SHIB is trading at $0.00000680 at press time.