Bulls could not hold the initiative, and most of the coins have come back to the red zone, according to CoinStats.
Image by TradingViewSHIB/USD
The rate of SHIB has fallen by 3.1% 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 $0.00000847. If the daily bar closes near that mark or below it, the decline is likely to continue to the $0.00000830-$0.00000840 range tomorrow.
Image by TradingViewOn the longer time frame, one should focus on the nearest level at $0.00000835. If the breakout happens, the accumulated energy might be enough for an ongoing decline to the $0.0000080 area.
Such a scenario is relevant for the whole week.
Image by TradingViewFrom the midterm point of view, the price of SHIB is in the middle of the channel, between the support at $0.00000678 and the resistance at $0.00001069. As neither bulls nor bears are dominating, traders are unlikely to witness sharp moves soon.
SHIB is trading at $0.00000851 at press time.
Source: https://u.today/shib-price-analysis-for-january-15
