The crypto market is seeing a majority of cryptocurrencies on the rise today, as reported by CoinStats.
The SHIB/USD pair has shown a 6.61% increase in the last 24 hours, indicating positive momentum in the market.
Despite the recent surge, the price of SHIB is currently showing a bullish trend on the hourly chart, with the rate hovering near the local resistance level of $0.00002582.
Based on the current trend, if no significant changes occur by the end of the day, a breakout is anticipated, leading to a potential move towards the $0.000026-$0.00002650 range.
Analyzing the daily chart, it is evident that the price of SHIB has successfully surpassed the resistance level of $0.00002467. A close without a long wick may signal further upward movement towards $0.000027 in the upcoming week.
Looking at the weekly timeframe, SHIB has once again found support at $0.00002136. The market currently lacks a clear direction, suggesting a consolidation phase within the range of $0.000024-$0.000028.
As of now, SHIB is trading at $0.00002564, showing stability in its price movement. Investors and traders should closely monitor these levels for potential trading opportunities.
