Bulls are trying to seize the lost initiative as most of the coins are back in the green zone.
The rate of SHIB has risen by 1.67% over the last 24 hours.
Despite the slight growth, the price of SHIB has made a false breakout of the local resistance level at $0.00001045. If the daily closure happens below the $0.000010 mark, there is a high chance to see a drop below the support at $0.00001031.
On the bigger time frame, the drop continued after the price had fixed below the $0.000011 zone. The volume remains low, which means that bulls are not ready to buy the coin at the current levels.
If sellers’ pressure continues to the important level at $0.00001, the accumulated energy may be enough for a further decrease to the $0.00000950 zone.
On the weekly chart, the price is on the way to the interim support level at $0.00000965. If the closure happens below it, traders are likely to see the rate of SHIB near the next vital area around $0.000008.
SHIB is trading at $0.00001039 at press time.