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Can traders expect SHIB to test the $0.0000050 zone soon?
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The middle of the week is under bears’ control, according to CoinMarketCap.
SHIB/USD
The rate of SHIB has declined by 2.87% over the last 24 hours.
On the hourly chart, the price of SHIB is near a local support at $0.00000576. If a bounce back does not occur by the end of the day, one can expect an ongoing decline to the $0.00000560-$0.00000570 range tomorrow.
On the longer time frame, the rate of SHIB is on its way to the nearest support level at $0.00000558.
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If its breakout occurs, the fall is likely to continue to the $0.0000050 range until the end of the week.
From the midterm point of view, the situation is similar. If the weekly bar closes around current prices or below, traders can expect a test of the $0.00000507 level by the end of the month.
SHIB is trading at $0.00000580 at press time.
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