According to CoinMarketCap, the overall market trend remains bearish.
SHIB/USD
SHIB price has fallen by 7.48% over the past 24 hours.
On the hourly chart, the SHIB rate has bounced off the local support level of $0.000016. However, if the selling pressure continues, a breakout can be expected, which will soon be followed by a move to the $0.00001580 zone.
Bears are also strong on the longer time frame. If the daily candle closes around $0.00001592 or lower, the accumulated energy could be enough for a further correction to the $0.000015-$0.00001550 zone.
From a medium-term perspective, buyers failed to sustain the gains after the close of the previous bullish bar.
If the situation does not change by the end of the week, the decline is likely to continue to the $0.000014 range.
At the time of publication, SHIB shares are trading at $0.00001626.
