According to CoinStats, most coins are experiencing a rise in value as the week comes to a close. SHIB/USD has seen an increase of almost 1% since yesterday, and on the hourly time frame, its rate is on the rise after a false breakout of the local support at $0.00000959. If the daily candle closes around the current prices with no long wicks, we may see further growth leading to a test of the key zone of $0.000010.
However, the bigger chart shows a balanced situation with neither bulls nor bears dominating. A return to $0.000010 could signal an ongoing bullish trend, but until then, traders may witness a local correction. A similar scenario is seen on the weekly time frame, where the rate is fluctuating within a wide channel between the support of $0.00000827 and the resistance of $0.00001136. As neither side has taken control, ongoing consolidation around the $0.000010 zone is the more likely scenario until month-end.
It’s important to note that SHIB is currently trading at $0.00000978. It is essential for traders and investors to monitor these developments closely to make informed decisions within the crypto market.
