The market has come back to the green zone after a few days of dropping, according to CoinMarketCap.
Top coins by CoinMarketCapSHIB/USD
The rate of SHIB has risen by 0.65% over the last 24 hours.
Image by TradingViewOn the hourly chart, the price of SHIB has made a false breakout of the local support at $0.00000789. However, if a bounce back does not happen, one can expect an ongoing drop to the $0.00000770-$0.00000780 range soon.
Image by TradingViewOn the longer time frame, the rate of SHIB is within yesterday’s bar, which means the altcoin is not ready yet for a sharp move. This statement is also confirmed by the falling volume.
All in all, sideways trading in the zone of $0.00000770-$0.00000820 is the most likely scenario.
Image by TradingViewFrom the midterm point of view, the price of SHIB is closer to the support than to the resistance, confirming ongoing sellers’ pressure. If the drop continues to the $0.00000678 level and a breakout happens, the accumulated energy might be enough for a move to the $0.0000060 area.
SHIB is trading at $0.00000794 at press time.
Source: https://u.today/shib-price-analysis-for-january-22
