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SHIB Price Analysis for January 7
Source: CryptoNewsNet Original Title: SHIB Price Analysis for January 7 Original Link: The middle of the week is bearish for most of the coins, according to CoinStats.
SHIB/USD
The rate of SHIB has dropped by 5% since yesterday.
On the hourly chart, the price of SHIB is on the way to the local support at $0.00000883. If a breakout happens, the decline may lead to a test of the $0.00000850 mark.
On the bigger time frame, the rate of SHIB is going down after a failed attempt to fix above the $0.000010 zone.
If the daily bar closes near its low, traders might witness an ongoing decline to the $0.0000080-$0.00000850 range by the end of the week.
From the midterm point of view, the price of the meme coin is far from the main levels. The volume remains low, which means there are low chances to see sharp moves soon.
SHIB is trading at $0.00000882 at press time.